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goAML

14 April 2016

Attorneys to update registration related information to access FIC's new registration and reporting platform

Directive 04/2016: Accountable and reporting institutions required to update registration related information to access the Financial Intelligence Centre’s new registration and reporting platform - download Directive 04/2016

The Financial Intelligence Centre (FIC) is preparing to launch its new registration and reporting system, called goAML, to go live at the end of April 2016. To help facilitate the transition from our current registration platform to goAML, FIC is requesting accountable and reporting institutions take note of important arrangements and dates.

Institutions already registered with the FIC are required to update registration related information which will include institution and user details. The FIC has issued a Directive advising the same (click here to access the Directive).

The FIC will provide existing registrants with an entity registration identity, also referred to as an “Org ID”. Upon receipt of the Org ID, institutions that are already registered on the FIC’s current system must utilise the Org ID to update their registration related information. Updating of registration related information will include institution and user details.

Updating of registration related information will commence on Wednesday, 30 March 2016 and will continue until Friday, 22 April 2016.

Queries on this and other compliance matters can be logged via a web query via the FIC’s website at  www.fic.gov.za and be directed to http://www.fic.gov.za/Secure/Queries.aspx or call 0860 222 200.

Reader Comments: 1
Russell Warner 14/04/2016:

The explanation provided on how to go about all of this is about as clear as mud. A simple guide is needed, particularly for sole practitioners where the "S43 Compliance Officer or Reporting Officer (referred to as S43CO)" is the sole practitioner and there are no "additional users/ Money Laundering Reporting Officers{MLRO's}" to be whom information must be communicated to. I'm unsure what the "license number" is that we have to provide.

Does the sole practitioner have to provide an authorisation letter drafted by himself and authorising himself? Regrettably the article above fails to translate any of the "government directive speak" into plain English that is readily understandable to the average person.

To ensure a successful response to the directive I strongly suggest that a serious attempt is made to communicate the requirements and steps to be taken in plain and accessible language following a logical and methodical process.

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