Financial Intelligence Centre Issues Guidance on the Definition of Trust and Company Service Providers

The Financial Intelligence Centre (FIC) recently published public compliance communication 6A (PCC 6A), available on:

https://www.fic.gov.za/Documents/PUBLIC%20COMPLIANCE%20COMMUNICATION%20No6A.pdf

This communication provides guidance on the interpretation of Schedule 1, item 2 accountable institutions, namely trust company service providers, and also includes examples of the money laundering and terrorist financing risks the sector faces.

PCC 6A was issued in response to the amended Schedule 1 to the FIC Act, as contained in Government Gazette, No. 47596, which was published on 29 November 2022, and came into effect on 19 December 2022.

Before publication of PCC 6A, it was made available for consultation, and comments were invited by accountable institutions, advisory bodies and all other persons from 15 December 2022 to 20 January 2023. All comments were considered and incorporated in PCC 6A, where appropriate.

For queries, contact tel. 012 641 6000, select option 1, or submit a web query on: http://www.fic.gov.za/ContactUs/Pages/ComplianceQueries.aspx