Trust expert Phia van der Spuy looks at the role of Trust and Company Service Providers (TCSPs) regarding compliance with the requirements of the Financial Intelligence Centre (FIC).
On 5 December 2024, the FIC issued a media release reminding TCSPs of their obligations under Directive 6 to submit risk and compliance returns (RCRs) and register as “accountable institutions”. They were urged to submit their RCRs if they had not yet done so. Non-compliance with the RCR obligations indicates more significant non-compliance with the FIC Act obligations, which may trigger the FIC to conduct more intrusive inspections on such offending TCSPs.
Phia concludes that each trust service provider should analyse its activities and determine whether it should register with the FIC and comply with its requirements.
Read the article here.
Phia van der Spuy is a Chartered Accountant with a Masters degree in tax and a registered Fiduciary Practitioner of South Africa®, a Chartered Tax Adviser, a Trust and Estate Practitioner (TEP), and the founder of Trusteeze®, the provider of a digital trust solution.