Registration with the FIC is a regulatory obligation in terms of the FIC Act. If your business or sector is listed in Schedule 1 of the FIC Act then you are required to register with the FIC. Registration with the FIC is the first step to enable accountable institutions to submit regulatory reports and fulfil other FIC Act compliance obligations.
Section 43B of the FIC Act, requires accountable institutions to be registered with the FIC. Such registration includes providing the FIC with the details of the compliance officer and the institution’s information. The failure to register with the FIC or update registration information when it has changed are offences and may result in a fine not exceeding R10 million.
Category: Compliance and supervision / Registering with the FIC