Regulatory Alerts2023-10-17
FSCA Communication 27 of 2023: Criminal Record Verification for Designated Persons and Significant Owners
The Financial Sector Conduct Authority (FSCA) has launched a comprehensive criminal record verification process requiring significant owners, directors, and key individuals of authorized financial services providers and collective investment scheme managers to submit fingerprints and updated personal data. Managed Integrity Evaluation will directly contact affected parties starting 1 November 2023 to schedule appointments at designated zones, while excluding prudentially regulated banks, insurers, and specific over-the-counter derivative providers. This regulatory initiative enforces Financial Action Task Force standards to prevent criminal misuse of financial institutions and ensures the ongoing fitness and propriety of key stakeholders.
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