assessment of the inherent money laundering and terrorism financing risks

Monday, 6 November 2023: The Financial Intelligence Centre (FIC) has issued a draft sector risk assessment (SRA) on accountants for consultation.

The draft SRA for accountants, provides the risk background and related threats and vulnerability information on the money laundering and terrorist financing risks facing accountants when conducting the services of a trust and company services provider, as envisaged in Item 2 of Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). The purpose of the sector risk assessment for accountants is to assist accountants in understanding their money laundering and terrorism financing (ML/TF) threats, vulnerabilities and risks and introduces suggested measures to mitigate and manage such ML/TF risks.

The draft SRA is made available for consultation, and comments are invited by accountant institutions and industry bodies, supervisory bodies, and any person, from Monday, 6 November 2023 to close of business on Friday, 17 November 2023.

For other queries, please contact the FIC’s compliance contact centre on 012 641 6000, select option 1, or submit a web query by clicking on: https://fic.gov.za/compliance-queries/

Issued by:

The Financial Intelligence Centre