FIC Act Questions
Welcome to our FIC Act FAQ page! Here, we've compiled answers to some commonly asked questions about the Financial Intelligence Centre Act (FICA). Whether you're a new site visitor or a member of the MFSA, we hope you'll find the information you're looking for. If you can't find what you need, please don't hesitate to contact the MFSA team by completing the form below for further assistance.
What is FICA?
FICA refers to the Financial Intelligence Centre Act, also known as the FIC Act.
Why has FICA Compliance become a focus in the credit industry?
The recent amendments made to the Schedules in the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) now lists credit providers as Accountable Institutions.
When has the recent amendments made to the Schedules in the FIC Act come into effect?
The recent amendments made to the Schedules in the FIC Act, 2001 (Act 38 of 2001) has come into effect on the 19th of December 2022.
As a credit provider, do I need to register with the Financial Intelligence Centre (FIC) as an Accountable Institution?
Yes, new sectors, i.e., the credit industry will be required to register with the FIC on the goAML system as accountable institutions within 90 days from the date the business commenced.
How do I register as an Accountable Institution with the FIC?
All registrations must be completed and submitted to the FIC electronically within the prescribed period using the goAML registration system.
There is no cost to register the business. The process is easily done on the FIC website.