During a meeting with industry associations on 14 July 2023, the Financial Intelligence Centre (FIC) reminded AIs to lodge their RCRs with the FIC before the relevant deadlines.
Click here for our previous coverage of the amended schedules to the Financial Intelligence Centre Act (FICA), relating to the amended Item 2 of Schedule 1 which deals with practitioners involved in the setup and/or administration of trusts.
The FIC revealed that, in some industries, the rate of compliance with the requirement to lodge an RCR is quite low as a percentage of the registered AIs. The FIC is also of the view that the number of reports of suspicious transactions under section 29 of FICA look quite low.
Click here for a copy of the slides used during the meeting of 14 July. The yellow highlighting on two of the slides was added by FISA for the benefit of members.
The FIC is hosting a webinar on 25 July 2023 to assist AIs in understanding their duties regarding the RCRs. Click here for more information and to register.