FICA Questionnaire

Recent amendments to Schedule 1 of the Financial Intelligence Centre Act have extended the definition of an “Accountable Institution”, which resulted in companies and individuals who were not in the past obligated to comply with FICA requirements, to now register with the Financial Intelligence Centre, and to implement certain measures and controls to ensure compliance with the Act. Non-compliance could lead to penalties and fines being issued against an Accountable Institution. Please complete our free questionnaire to receive some guidance on whether this extended definition may now include you or your business.

Financial Intelligence Centre Act 38 of 2001 (FICA)

Do I qualify as an Accountable Institution in terms of Schedule 1 of FICA?

Are you an entity or person:	Response (Yes, No, Unsure)	Guidance
1. admitted under the Legal Practice Act, 2014 to practise as an attorney or advocate practising for your own account?		http://www.fic.gov.za/Documents/221213%20Draft%20PCC%2047A%20Legal%20practitioners%20final.pdf
2. who provides business services to trusts and companies, including the creation, operation or management thereof, acting as nominee therefor or who carries on the business of preparing for or carrying out transactions (including as trustee) related to the investment, control, safe-keeping or administering of trust property within the meaning of the Trust Property Control Act?		http://www.fic.gov.za/Documents/221213%20Draft%20PCC%206A%20TCSP%20final.pdf
3. who operates as an Estate Agent as defined in the Estate Agency Affairs Act, 1976 or a Property Practitioner as defined in the Property Practitioners Act, 2019?
4. who has been authorised or who falls within a category of persons so authorised by a licensed exchange to perform one or more securities (shares, debentures, derivative instruments, promissory notes, participatory interests in collective investment schemes, etc.) services in terms of the exchange rules, including an external authorised user?
5. who operates as a fund manager registered in terms of the Collective Investment Schemes Control Act, 2002, administering a collective investment scheme?		"Collective Investment Scheme" is a scheme in pursuance of which members of the public are invited or permitted to invest money or other assets in a portfolio, and in terms of which- (a) two or more investors contribute money or other assets to and hold a participatory interest in a portfolio of the scheme through shares, units or any other form of participatory interest; and (b) the investors share the risk and the benefit of investment in proportion to their participatory interest in a portfolio of a scheme or on any other basis determined in the deed.
6. who carries on the business of a bank as defined in the Banks Act, 1990, or of a mutual bank as defined in the Mutual Banks Act, 1993 or of a Co-operative Bank as defined in the Co-operative Banks Act, 2007?		"Business of a bank" includes acceptance or soliciting or advertising for deposits; utilization of deposits for granting loans to other persons, investing such on their behalf or financing any business activity; or obtaining money through the sale of an asset subject to an agreement in terms of which the seller undertakes to purchase from the buyer at a future date the asset so sold or any other asset. "Mutual Bank" differs from a commercial Bank where its shareholders are not necessarily depositors or customers of the Bank. In a mutual bank the despoting of funds means acquiring a stake in the mutual bank while also being a customer of such. "Co-operative Bank" is a co-operative taking deposits or granting loans, whose members are of similar occupation or profession or who are employed by a common employer or within the same business district, or who have common membership in an association or organisation or who reside within the same defined community or geographical area."
7. who carries on a life insurance business (excluding reinsurance) as defined in the Insurance Act, 2017?		"Life Insurance Business" means any activity conducted with the purpose of entering into or meeting insurance obligations under a life insurance policy. "Life Insurance Policy" means any arrangement under which a person, in return for provision being made for the rendering of a premium to that person, undertakes to meet insurance obligations— (a) on the happening of a life event, health event, disability event or death event; or (b) on or from a fixed determinable date or at the request of the policyholder, and includes a renewal or vairation of that arrangement."
8. who carries on the business of making available a gambling activity (eg. physical and virtual casino, betting sites, etc.) in respect of which a license is required to be issued by the National Gambling Board or a provincial licensing authority as provided for in the National Gambling Act, 2004?		"Gambling activity" includes placing or accepting bets (against odds or totalisator bets - total amount staked available for winning) or wagers or making available gambling games (other than amusement games) - such as bingo - played upon payment of any consideration with the chance or receiving a pay-out.
9. who carries on the business of dealing in foreign exchange (currencies of other countries), or who issues, sells or redeems travellers' cheques, money orders or similar instruments?
10. who carries on the business of a credit provider?		"Credit Provider" means: (a) the party who supplies goods or services under a discount transaction, incidental credit agreement or instalment agreement; (b) the party who advances money or credit under a pawn transaction; (c) the party who extends credit under a credit facility; (d) the mortgagee under a mortgage agreement; (e) the lender under a secured loan; (f) the lessor under a lease; (g) the party to whom an assurance or promise is made under a credit guarantee; (h) the party who advances money or credit to another under any other credit agreement; or (i) any other person who acquires the rights of a credit provider under a credit agreement after it has been entered into; in respect of a credit agreement (for a credit facility, transaction or guarantee). http://www.fic.gov.za/Documents/221213%20Draft%20PCC%2023A%20Credit%20Providers%20final.pdf
11. carries on the business of a financial services provider in terms of the Financial and Intermediary Services Act, 2002 to provide advice or intermediary services in respect of the investment of any financial product (excluding non-life-insurance reinsurance) and the business of a mdecial scheme as defined in the Medical Schemes Act, 1998?		"A Financial Services Provider" is someone that furnishes advice about money and investments, or who provides intermediary services thereto. Intermediary services include any act other than the furnishing of advice, performed by a person for or on behalf of a client or product supplier- (a) the result of which is that a client may enter into, offers to enter into or enters into any transaction in respect of a financial product with a product supplier; or (b) with a view to- (i) buying, selling or otherwise dealing in (whether on a discretionary or non-discretionary basis), managing, administering, keeping in safe custody, maintaining or servicing a financial product purchased by a client from a product supplier or in which the client has invested; (ii) collecting or accounting for premiums or other moneys payable by the client to a product supplier in respect of a financial product: or (iii) receiving, submitting or processing the claims of a client against a product supplier.
12. who carries on the business or a money or value transfer provider?		https://www.fic.gov.za/Documents/221213%20Draft%20PCC%20118%20MVTS%20Guidance%20final.pdf
13. who carries on the business of dealing in high-value goods in respect of any transaction where such a business receives payment in any form to the value of R100,000 or more, as a single payment or as a series of linked payments?		"High Value Goods" means any item that is valued at R100,000 or more. http://www.fic.gov.za/Documents/221213%20Draft%20PCC%20119%20HVGDs%20final.pdf
14. who carries on the business or operation, for or on behalf of a client, which would include exchanging one form of crypto asset for flat currency or for another crypto asset, conducting a transaction which transfers a crypto asset from one crypto asset address or account to another or the safe-keeping or administration of a crypto asset or an instrument enabling control over a crypto asset and participation in and provision of financial services related to an offer or sale of a crypto asset?		"Crypto Asset" means a digital representation of perceived value that can be traded or transferred electronically within a community of users of the internet who consider it as a medium of exchange, unit of account or store of value and use it for payment or investment purposes. http://www.fic.gov.za/Documents/221213%20Draft%20PCC%20120%20CASP%20final.pdf
15. operates as a clearing system participant as defined in the National Payment System Act, 1998 that facilitates or enables the origination or receipt of any electronic funds transfer and or acts as an intermediary in receiving or transmitting the electronic funds transfer?		"Clearing participant" may be banks or designated clearing system participants (who may be non-banks) which are members of PASA (Payment Association of SA) and at least one PCH (Payment Clearing House). Clearing of payment instructions between these participants is achieved through authorised PCH System Operators (PSO's). At present there are four authorised PSO's: Strate Limited, BankservAfrica, Visa and MasterCard. Settlement of these clearing obligations is achieved either directly, if the participant is also a settlement participant, or else through sponsorship. http://www.fic.gov.za/Documents/221213%20Draft%20PCC%20118%20MVTS%20Guidance%20final.pdf

ASSESS