Pages - Obligations

OBLIGATIONS

REGISTER Registration with the FIC is a regulatory obligation in terms of the FIC Act, read more...	REPORT There are three main regulatory reporting streams for accountable institutions, read more...	RISK-BASED APPROACH All accountable institutions must adopt a risk-based approach to understanding and taking ownership of their risks in relation to money laundering and terrorist financing, read more...
RISK MANAGEMENT The FIC Act requires all accountable institutions to have in place a risk management and compliance programme (RMCP) in terms of section 42, read more...	RECORD-KEEPING: Accountable institutions must establish and verify the identity of their customers, read more...	APPOINTMENT OF COMPLIANCE OFFICER Appoint a compliance function including a compliance officer who has sufficient competency and seniority to ensure effectiveness, read more...