Registration Requirement

Who
Registration with the Financial Intelligence Centre (FIC) is a legal requirement applying to all accountable and reporting institutions – listed in Schedules 1 and 3 of the FIC Act, respectively. 

Why
Registration with the FIC is a legal obligation in terms of the FIC Act, as amended. Registration with the FIC enables accountable and reporting institutions to fulfil other FIC Act compliance obligations.

The failure to register with the FIC or the failure to update registration information when it has changed are offences, and may result in imprisonment for a period not exceeding five years and/or a fine not exceeding R10 million.

When
Persons who commence new businesses which are regarded as accountable or reporting institutions are required to register with the Centre within 90 days from the date the business commenced.

How
All registrations must be completed and submitted to the FIC electronically within the prescribed period using the goAML registration system. In exceptional circumstances an accountable or reporting institution may make use of a manual paper-based mechanism to register. 

There is no cost to register the business. The process is easily done on the FIC website.

If you have any queries regarding registering your business, call the FIC on +27 12 641 6000 or click here to submit your query.

 Registration Documents