Accountable Institutions are Warned to File Risk and Compliance Returns
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The Financial Intelligence Centre (FIC) has issued a strong call to action: all Designated Non-Financial Businesses and Professions (DNFBPs), including accountants who act as trust or company service providers, must urgently submit their outstanding Risk and Compliance Returns (RCRs). This is a key step toward helping South Africa exit the global Financial Action Task Force (FATF) grey list, which flags countries with deficiencies in combating financial crimes.
According to the latest FIC’s media release issued, businesses like legal firms, estate agents, Krugerrand and precious stone dealers, and accountants are still not fully compliant. Despite some improvement in submissions—estate agents and legal practitioners have submitted about 70% of required returns—many DNFBPs have yet to meet their obligations under Directives 6 and 7, issued in 2023.
The FIC warns that without a near 100% submission rate during the current quarter (April–June 2025), it cannot accurately assess the risks posed by these sectors or identify entities most vulnerable to money laundering and terrorist financing. Institutions that do not submit their RCRs are assumed to be high-risk, which could trigger further scrutiny or penalties.
For accountants, this is not just a box-ticking exercise. RCRs help the FIC understand the sector's exposure to criminal financial activity. By analysing the data, the FIC develops intelligence that informs inspections, improves risk assessment, and strengthens South Africa’s ability to prevent and detect financial crime.
Non-compliance not only hinders national progress toward exiting the grey list, but it also reflects poorly on the professionalism and risk awareness of the accounting sector. The FIC is appealing to all registered DNFBPs to show urgency and commitment by filing their RCRs through the designated platform: https://www.fic.gov.za/2023/11/02/rcr.
👉 Why this matters for accountants:
Filing your RCR is a legal obligation under the FIC Act.
Failure to comply increases reputational and regulatory risks.
Your participation supports national efforts to restore global financial credibility.
💬 If you or your practice falls under the definition of a trust service provider or deals with company formation, make sure your RCR is submitted without delay.
