FIC Reporting Reminder for Banks

This article will count 0.25 units (15 minutes) of unverifiable CPD. Remember to log these units under your membership profile.

The Financial Intelligence Centre (FIC) has issued a reminder to banks and mutual banks: only use the Item 19 designation when submitting International Funds Transfer Reports (IFTRs) via the goAML platform. This applies to cross-border money value transfer services (MVTS), as required under Section 31 of the FIC Act.

Some banks are still incorrectly using Item 6 or 7 when reporting — these submissions will now be automatically rejected.

Accountants in the banking sector should ensure their client (if a bank or mutual bank) is registered as an Item 19 MVTS with the correct goAML Org ID to avoid compliance issues.

Read the FIC’s Web Notice here.