Regulatory Alerts2019-05-09
Implementation of the amendments to the FIC Act
The Financial Sector Conduct Authority (FSCA) outlines its supervisory approach and compliance deadlines for accountable institutions implementing the Financial Intelligence Centre Amendment Act, 2017. Institutions must establish a Risk Management and Compliance Program addressing money laundering and terrorist financing risks, align existing client risk classifications, and fully implement customer due diligence and targeted financial sanctions requirements by 2 April 2019, with sanctions compliance specifically due by 31 May 2019. The FSCA will commence inspections in May 2019 to verify progress, warning that any identified non-compliance may result in administrative enforcement action.
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