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The importance of submitting the risk and compliance return: [this is an extract from an article written by: Mapula Oliphant – first published in De Rebus in 2024 (August)
On 23 July 2024, the Financial Intelligence Centre (FIC) issued a statement addressing the business sectors hindering South Africa’s removal from the grey list. The statement highlighted that the submission rate of the Risk and Compliance Return (RCR) questionnaire by legal practitioners stands at a mere 60%. The RCR questionnaire is designed to help businesses identify their exposure to money laundering and terrorist financing risks. On receipt, the FIC employs its Risk and Compliance Assessment Analysis tool to evaluate the RCRs, pinpointing higher risk designated non-financial businesses and professions. This assessment guides the FIC’s supervisory strategy, which includes inspections of high-risk entities.
If this article is of interest to You, You can view the Original, Full article
here: → https://www.derebus.org.za/the-importance-of-submitting-the-risk-and-compliance-return/