Category: Law

FIC

FIC PCC 53

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

Tags KYC

CIPC SAICA

SAICA Audit of Attorneys Business Accounts

Post author By web
Post date 12 September 2022
No Comments on SAICA Audit of Attorneys Business Accounts

In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice pertaining to Regulation 28(2)(a) of the Companies Regulations, 2011 (Companies Regulations) to the Companies Act, 2008 (the Companies Act). This opinion applied to legal practitioners who are registered as companies in terms of the Companies Act.

Incorporated Law Firms with R5 million in trust must audit business accounts.

As a result of the withdrawal of the opinion, the business accounts of legal practitioners who are subject to the Companies Act i.e. are registered companies, and who hold assets in trust in excess of R5 million at any time during the financial year are now required to be audited.

Find more info here: https://www.saica.org.za/resources/119885