Submit your RCR to avoid penalties for non-compliance

30 Jul 2024

The National Treasury has announced that South Africa will remain on the Financial Action Task Force (FATF) grey list until June 2025.

By September 2024, South Africa must substantially address nine outstanding action items, with the final five due by January 2025. Currently, South Africa has resolved 8 of the 22 action items required to exit the grey list.

While progress has been made, much work still needs to be done. One crucial requirement is the submission of the Financial Intelligence Centre (FIC) Risk and Compliance Returns (RCR). Under Directives 6, Legal practitioners are required to submit information detailing their understanding of money laundering, terrorist financing, and compliance with the FIC. Read more here.

Have you submitted your RCR? South Africa’s removal from the grey list is dependent on the accuracy of these submissions.

The RCR can be completed here. Failure to submit is deemed non-compliant and could lead to fines or penalties.

The RCR is one of the several requirements Accountable Institutions are required to fulfill. Not sure where to start to become FICA compliant? Contact DocFox to see how you can easily become (and remain) FICA compliant within days.

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(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)