meta_id 2956387

On March 11, 2026, the Financial Intelligence Centre (FIC) issued Draft Directive 11 for consultation purposes, requiring specified accountable institutions to submit risk and compliance return questionnaires to the Centre. The directive applies to accountable institutions including banks, mutual banks, co-operative banks, casinos, crypto asset service providers (CASPs), high-value goods dealers (HVGDs), dealers in precious stones and diamonds, money laundering reporting officers, and other entities specified in Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). The directive excludes banks, mutual banks, and co-operative banks that operate as credit providers. Accountable institutions must complete and submit risk and compliance return questionnaires via an automated electronic platform designated by the FIC. The questionnaires require institutions to demonstrate their understanding of money laundering, terrorist financing, and proliferation financing risks, and to detail their implementation of risk-based controls in compliance with the FIC Act. Submission deadlines vary by institution type. Most institutions must submit questionnaires covering the information period from April 1, 2023 to March 31, 2026, with deadlines ranging from April 30, 2026 to May 30, 2026, no later than 17:00. High-value goods dealers and certain other entities have a May 30, 2026 deadline. Failure to comply with the directive constitutes non-compliance and subjects institutions to administrative sanctions under Section 62E of the FIC Act. The directive takes effect on the date of publication by the Centre. REFERENCE: Financial Intelligence Centre, Draft Directive 11 of 2026 (March 11, 2026)