Entities registered as Accountable Institutions with the Financial Intelligence Centre (FIC) are reminded to submit their Risk and Compliance Return (RCR) forms if they have not yet done so. It is crucial for maintaining compliance with FIC regulations and assisting South Africa's efforts to exit the Financial Action Task Force (FATF) grey list.

Who are the culprits

In a recent media release, the FIC provided key statistics on the submissions:

• The current average RCR submission rate is 63%.

• The sectors primarily affected and currently showing lower compliance rates are:

  • Estate agents (66%)

  • Trust service providers (74%)

  • Company service providers (76%)

  • Legal practitioners (60%)

  • Casinos (100%).

Submit your returns

It is imperative for these sectors, particularly, to address their compliance responsibilities promptly in line with Directives 6 and 7.

To complete Directive 6 click here. For Directive 7 click here.

Penalties and Compliance Actions

Failure to submit RCR forms has significant repercussions. The FIC has already started issuing notices of intention to sanction and will proceed with sanctions and fines for non-compliance. These actions are part of the FIC’s enforcement strategy to ensure that all accountable institutions fulfil their obligations under the FIC Act.

Accountable institutions are urged to use the FIC’s online platform to submit their RCRs promptly to avoid penalties and contribute positively toward South Africa’s efforts to improve its international financial compliance standing. Your cooperation is essential in safeguarding the integrity of South Africa’s financial system.