The Financial Intelligence Centre (FIC) has published Draft Directive 12 under section 43A of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001).
The proposed Directive introduces an important operational change for specified accountable institutions: the annual submission of their Risk Management and Compliance Programmes (RMCPs) to the FIC.
What does this mean?
An RMCP is already a core requirement for accountable institutions under the FIC Act. The proposed Directive goes further by requiring specified institutions to submit their RMCPs to the FIC annually, rather than simply maintaining the programme internally for purposes of compliance and inspection.
For affected institutions, this is not simply a document-management exercise. It has implications for how RMCPs are maintained, reviewed and kept aligned with the institution’s actual operations.
What should accountable institutions consider?
Affected institutions should consider whether:
- they fall within the scope of the proposed Directive;
- their existing RMCP is current and appropriate to their business and risk profile;
- the RMCP reflects the controls and processes actually implemented within the institution; and
- they are prepared to meet the proposed annual submission requirements.
Official FIC information and public comments
The FIC has published the Draft Directive and opened a public consultation process. Accountable institutions and relevant supervisory bodies should review the official material and consider whether they wish to submit comments.
FIC – Draft Directive 12 and public consultation information
This article highlights the potential operational significance of the proposed change. The FIC remains the authoritative source for the Directive, its requirements and the consultation process.
