FICA DIRECTIVE TO PROVIDE INFORMATION

 

The Financial Sector Conduct Authority (FSCA) issued a Directive to Provide Information (DPI) in terms of s43A(3) of the Financial Intelligence Act 30 of 2001 (FICA).The DPI requires Accountable Institutions (AI) to provide information to the Authority relating to their compliance with FICA. All FSPs excluding those FSPs that are exclusively authorised to render financial services in respect of short-term insurance and / or health service benefits only and Cat ll CIS managers excluding those who exclusively conduct business as described in part VI of the Collective Investment Schemes Control Act (45 of 2002) are required to complete the DPI.

AI’s who failed to comply with the directive by 31 March 2021 have been given a final opportunity to respond, the DPI is available again from 1 May 2021 to 31 May 2021.

Authorised financial services providers (FSPs) can use the same login credentials they use to access the FAIS e-portal for other functionalities. “Note that the login details of the FAIS compliance officer cannot be used for purposes of accessing and completing the DPI, since login credentials cannot be shared and the DPI falls in the purview of the AI, not the FAIS compliance officer to complete. Senior management of every Accountable Institution impacted by the DPI should engage their money laundering compliance officer for assistance with completion of the DPI. It is the responsibility of the money laundering compliance officer to ensure the effectiveness of the AI’s compliance function in relation to the FIC Act.”

To read the Notice click here.

To read the Frequently Asked Questions DPI 2021 click here.