The Financial Sector Conduct Authority (FSCA) is a supervisory body listed in Schedule 2 of the Financial Intelligence Centre Act (FICA).
The FSCA may, on notice, conduct inspections on the premises of an accountable institution to determine compliance with the provisions of FICA.
The FSCA is conducting ad hoc virtual inspections in terms of their supervisory authority under FICA. We, therefore, urge you to ensure that your customer due diligence processes are documented in a Risk Management and Compliance Programme (RMCP) which has been adopted by the Board/Senior Management and that employees understand their duties in terms of FICA and the RMCP.
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