PUBLIC COMPLIANCE COMMUNICATION No 53 Released 2022-08-30
A designated non-financial businesses and professions (DNFBPs) accountable institution should note that in response to a request for documentation in terms of section 42(4) of the FIC Act, the accountable institution should provide the RMCP document. Failure to produce an RMCP document to the supervisory body or the Centre would amount to non-compliance.
PCC 53 is intended for DNFBP accountable institutions (such as trust service
providers) that do not form part of group structures and do not have advanced
compliance or complex structures. This PCC 53 is not intended for financial
institutions and larger accountable institutions that have advanced compliance or
complex structures, including DNFBP accountable institutions within those
structures.
This affects small to medium sized law firms directly.
For more info follow this link https://www.fic.gov.za/Pages/Home.aspx