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 SCHEDULES AMENDMENTS

SCHEDULE 1 AMENDMENTS (Download full graphic​)
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​SCHEDULE 2 AMENDMENTS 

​​Item 1 and 2: Technical amendments. Reference to the Financial Services Board replaced by reference to the Financial Sector Conduct Authority; and includes a reference to the Prudential Authority, respectively.
​Item 5: Deleted – Independent Regulatory Board for Auditors. The Independent Regulatory Board for Auditors (IRBA) is responsible for the regulation of the auditing profession in respect of the function to examine financial statements and other information and expressing an opinion on the fairness of the statements and information and compliance thereof with statutory requirements. These functions of an auditor do not fall within any category of accountable institutions. 
​​Item 6: Deleted – National Gambling Board. Gambling activities fall within Item 9 of Schedule 1 of the FIC Act and the regulation of these activities is subject to provincial licensing authorities. The National Gambling Board has no supervisory responsibility over any institutions within the FIC Act and is therefore deleted from Schedule 2.
​​Item 8: Deleted – Law societies. The Legal Practice Act removed responsibility for regulation of services of attorneys in private practice from provincial law societies and entrusted it to the Legal Practice Council. The Council has indicated in discussions with the FIC, that it did not intend taking on the responsibility for supervision of FIC Act compliance by legal practitioners. The FIC will thus become the AML/CFT supervisor of legal practitioners. 
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SCHEDULE 3 ​​​​

​Item 1 and 2: ​Deleted. Motor vehicle dealers and Kruger rand dealers deleted under these items. Currently these businesses as reporting institutions have no compliance obligations other than registration with the FIC and the requirement to submit reports on suspicious and unusual transactions and cash threshold reports; and the prohibition to deal with United Nations Security Council sanctioned persons and entities. They have no legal o​bligation to conduct customer due diligence or retain client and transactional records. They are vulnerable to money laundering and terrorist financing risks. They are included as accountable institutions in the scope covering high-value goods dealers in Schedule 1 (or, depending on the transaction, could also fall under Item 11 - credit providers). 

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