Financial intelligence centre REPUBLIC OF SOUTH AFRICA Accountable and Reporting Institutions Register Presented by Compliance and Prevention Department.

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Presentation transcript:

financial intelligence centre REPUBLIC OF SOUTH AFRICA Accountable and Reporting Institutions Register Presented by Compliance and Prevention Department October 2010

financial intelligence centre REPUBLIC OF SOUTH AFRICA -2- CONFIDENTIAL Agenda 1.Background 2.Who must Register 3.Registration & Validation Processes 4.Proposed action for 2010/ Questions

financial intelligence centre REPUBLIC OF SOUTH AFRICA -3- CONFIDENTIAL Background The Financial Intelligence Centre Amendment Act, signed on 27 August 2008 Effective on a date to be determined by the Minister of Finance Section 14 of the FIC Amendment Act inserts section 43A and section 43B into the FIC Act Section 43B requires all AIs and RIs to register with the Centre Registration must take place in the manner prescribed by the Centre (prescribed by Regulations)

financial intelligence centre REPUBLIC OF SOUTH AFRICA -4- CONFIDENTIAL Who Must Register An AI or an RI – by virtue of the business it conducts – referred to in Schedule 1 and Schedule 3 of the FIC Act respectively, must register with the Centre. An AI or RI can be: An individual A company A partnership Any other legal entity or A division of a legal entity

financial intelligence centre REPUBLIC OF SOUTH AFRICA -5- CONFIDENTIAL Registration & Validation Processes Registration AI/RI information Section 43 information Validator information Validator verify AI/RI Section 43 activate Add MLRO Edit information Validation

financial intelligence centre REPUBLIC OF SOUTH AFRICA -6- CONFIDENTIAL Proposed Action for 2010/2011 Voluntary Registration will commence in last quarter of 2010 Commencement date is envisaged to be 1 December 2010

financial intelligence centre REPUBLIC OF SOUTH AFRICA -7- CONFIDENTIAL Feedback and Enquiries Feedback on the new forms including any difficulties or problems encountered: Enquiries by Telephonic enquiries: FIC FIC ( )

financial intelligence centre REPUBLIC OF SOUTH AFRICA -8- CONFIDENTIAL Questions