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FIC Act obligations
The FIC Act introduces a regulatory framework of measures requiring certain categories of business to fulfil compliance obligations. These compliance obligations are critical to assisting in identifying and disrupting money laundering, terrorist and proliferation financing. The FIC Act deems these categories of business, called accountable institutions, as being vulnerable to being abused by criminals for money laundering and terrorist financing purposes.
All FIC Act compliance obligations are premised on institutions implementing a risk-based approach to combating money laundering and terrorist financing. Refer to the Reference guide for all accountable institutions for more information on the FIC Act obligations.
Compliance obligations for accountable institutions: