The Financial Intelligence Centre (FIC) has issued a notice in September 2016 regarding possible amendments to the existing Schedules to the FIC Act. The intention is to consider whether activities that currently fall outside of the ambit of the FIC Act should in actual fact be included.
According to the notice issued: “The proposal to include certain businesses or institutions is based, in part, on the Centre’s view that these businesses or institutions may present a higher risk of being used to carry out money laundering or terror financing activities.”
Some of the categories specified in the notice that will be considered to fall within the ambit of FICA going forward include:
* Dealers in high value goods (like motor vehicles)
* Co-operatives which provide financial services
* Credit providers
* Short term insurers
We have been in contact with the FIC Centre and they have confirmed that the consultation process will start soon. Next steps will therefore be for the Centre to consult with the relevant industry representatives such as the National Credit Regulator.
We will keep you updated on any news in this regard.
