Directives 7
Directive 7 of 2023 - Submission of risk and compliance returns
3.2 The risk and compliance return must be submitted to the FIC no later than 17:00 on Monday, 31 July 2023. (page 3)
This directive cross-references 2 linked laws.
Relationships in
No relationships recorded.
Relationships out
No relationships recorded.
Linked legislation
Cross-references
Low confidenceFinancial Intelligence Centre Act 38 of 2001
"2.1 This Directive applies to accountable institutions that are listed in items 11, 14, 20, 21 and 22 of Schedule 1 to the FIC Act."
Cross-references
Low confidenceFinancial Intelligence Centre Act 38 of 2001 43A
"4.2 Non-submission of the risk and compliance return will be considered non-compliance with this Directive and may result in an administrative sanction, in accordance with section 62E read with section 43A(3) of the FIC Act."
Document
FIC
Financial Intelligence Centre
DIRECTIVE 7 of 2023
Submission of a risk and compliance return to the Financial Intelligence Centre by specified accountable institutions
This Directive is issued by the Financial Intelligence Centre (FIC) in terms of section 43A(3)(a) of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act).
This Directive applies to accountable institutions listed in items 11, 14, 20, 21 and 22 of Schedule 1 to the FIC Act.
This Directive consists of four parts:
1. Purpose of the Directive
2. Directive
3. Format and frequency of risk and compliance return
4. Effective date and non-compliance
Page 1 of 3
Page 2 of 3
1. Purpose of the Directive
1.1 This Directive serves to inform all accountable institutions specified in this Directive, that they must submit information regarding their understanding of money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risks and their assessment of compliance with obligations in terms of the FIC Act to the FIC through a risk and compliance return.