TITLE: South Africa's Financial Intelligence Centre Issues Directive on Risk and Compliance Return BODY: South Africa's Financial Intelligence Centre (FIC) has issued a directive on the risk and compliance return under Section 43A(3) of the Financial Intelligence Centre Act 38 of 2001. The directive was published in the Government Gazette, establishing requirements for reporting entities to submit risk and compliance information to the FIC. The directive sets out the framework for financial institutions and other reporting entities to provide regular updates on their risk management and compliance activities. This includes reporting on anti-money laundering and counter-terrorism financing (AML/CTF) compliance measures, internal controls, and risk assessments. The requirement aims to enhance the FIC's oversight of the financial sector and ensure reporting entities maintain adequate compliance frameworks to combat financial crime. Reporting entities subject to the Financial Intelligence Centre Act must comply with the directive's requirements regarding the submission, format, and content of risk and compliance returns. The directive provides guidance on the information that must be included in these returns and the frequency of submission. This update is significant for banks, money services businesses, casinos, and other entities regulated under the act, as it establishes mandatory reporting obligations to demonstrate their compliance posture and risk management effectiveness. Reporting entities should review the directive carefully to ensure they understand their obligations and implement necessary systems and processes to meet the reporting requirements. The directive is available on the South African Government website and the Government Gazette. REFERENCES: South African Government. Section 43A(3) of the Financial Intelligence Centre Act 38 of 2001: Directive on the risk and compliance return. Government Gazette. Available at: https://www.gov.za/

Section 43A(3) of the Financial Intelligence Centre Act 38 of 2001: Directive on the risk and compliance return | South African Government

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