Submitting anti-money laundering and counter-financing of terrorism risk returns to FIC

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Submitting anti-money laundering and counter-financing of terrorism risk returns to FIC

• 02 August 2022
• South African Accounting Academy

This includes:

1. banks;
2. branches of banks;
3. cross-border banking operations of domestic banking groups (and subsidiary banks, where applicable;
4. mutual banks; and
5. life insurers

Click here to download the Directive:

https://www.resbank.co.za/content/dam/sarb/publications/prudential-authority/pa-deposit-takers/banks-directives/2022/d4-2022/D4%20-%202022%20-%20Directive%20on%20Risk%20Return.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• Certain clients of yours must comply with specific laws and regulations, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor and independent reviewer, you also need to monitor your client’s compliance with all relevant notices/enforcements issued by the SARB and FIC as regulators.

Relevance to Your clients:

• This SARB Directive provides information to, inter alia, banks and life insurers, to submit periodic anti-money laundering and counter-financing of terrorism risk returns to FIC.
• The client has a duty to report to the relevant regulators, as well as to comply with relevant notices/enforcements published by the Regulator.

 

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