NEWS:

CLIENT REMINDER: RMCP TO BE IMPLEMENTED BY 2 OCTOBER 2017
7th Sep 2017

The ICS specimen will only be made available to our contracted clients.

As mentioned in a previous Compliance Update, some of the New Amendmentsthe amendments to the Financial Intelligence Centre Act (FIC Act) make the application of a risk-based approach by accountable institutions compulsory.

The ICS specimen will only be made available to our contracted clients.

The new section 42 of the FIC Act places an obligation on accountable institutions to develop, document, maintain and implement a Risk Management and Compliance Programme (RMCP).

In developing its RMCP, it is important that the board of directors and senior management follow both the letter and spirit of a risk-based approach to client identification and verification.

The ICS specimen will only be made available to our contracted clients.

ICS has prepared a specimen RMCP, which has been updated to include the amendments which will become effective on 2 October 2017.

ICS clients may use this specimen (which will replace the current “Counter Money Laundering Internal Rules”) to customise their RMCPs by no later than 2 October 2017.

Please note that this is not a “one-size-fits-all” document and accountable institutions will be responsible to adapt the specimen RMCP according to their own specific needs.

The ICS specimen will only be made available to our contracted clients.

Clients should please send their customised RMCPs to ICS at the following email address ONLY: rmcp@complianceservices.co.za before 2 October 2017.

For the sake of convenience, “Drafting Notes” for the Risk Management and Compliance Programme are provided in the Annexure to the specimen RMCP.

Please also consider Draft Guidance Note 7 on the implementation of various aspects of the FIC Act, which is available for download in our Downloads section.

The ICS specimen will only be made available to our contracted clients.

GET IN TOUCH

If you would like to find out more about the services that ICS offers please contact us.