FICA and MD

Jul 28, 2023 | FYI's

The General Laws Amendment Act in December 2022 widened the FICA net for Accountable Institutions (A.I.) to include Accounting Firms as part of the greylisting requirements to curb money laundering.

The Financial Intelligence Centre Amendment Act, 1 of 2017 brings South Africa closer to international standards and the best practices recommended by the Financial Action Task Force (FATF).

MD is now considered an A.I. and is registered with FIC. As part of our new requirements, we will be required to FICA clients where we provide certain services to those clients.

We have collaborated with DocFox, an outsourced service provider, to assist us with the regulatory requirements of the Act. DocFox assists clients globally with their regulatory requirements and will assist us in making the process as seamless as possible for you, our client.

You may receive an email from fica@mdacc.co.za that will lead you through capturing any required information directly onto the DocFox portal. All information stored is subject to the strictest protocols of POPIA, confidentiality, and cyber security.

Please contact Dave or Alexis with any queries.

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