Accountable Institutions Must Register Under Correct Item Numbers
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The Financial Intelligence Centre (FIC) has issued a reminder to all accountable institutions of their duty to register under the correct Schedule 1 Item number in terms of section 43B of the Financial Intelligence Centre Act, 2001.
Key requirements
Who must register?
Any person or entity falling within any of the items of accountable institutions in Schedule 1 must register with the FIC within 90 days of starting business. The items are:
Item 1. Legal Practitioners
Item 2. Trust and Company Service Providers* - Amended
Item 3. Estate Agents
Item 4. Authorised User of an Exchange
Item 5. Managers of the Collective Investment Schemes
Item 6. Banks
Item 7. Mutual Banks
Item 7a Co-Operative Banks – New item added
Item 8. A person who carries on a life insurance business
Item 9. A person who carries on the business of making available a gambling activity
Item 10. A person who carries on the business of dealing in foreign exchange
Item 11. Credit Providers
Item 12. Financial Services Providers
Item 13. A person who issues, sells, or redeems travellers’ cheques, money orders, or similar instruments
Item 14. The South African Postbank Limited
Item 19. A person who carries on the business of Money or Value Transfer Services
Item 20. High-Value Goods Dealers – New item added
Item 21. SA Mint Company – New item added
Item 22. Crypto Asset Service Providers – New item added
Item 23. Electronic Funds Transfer, Clearing System Participants – New item added
How to register
All registrations must be done electronically via the goAML platform.
Multiple activities - register more than ones
If your business falls under more than one Schedule 1 Item, you must register separately under each applicable Item.
Updating details
Any changes to registered particulars must be reported to the FIC within 90 days.
Incorrect registrations
Institutions incorrectly registered as a “Business Entity with a Reporting Obligation” must amend their details on goAML to reflect the correct Item number.
Compliance warning
Failure to register correctly, or at all, constitutes non-compliance under section 61A of the FIC Act and may result in administrative sanctions. The FIC will begin verifying registrations from 31 May 2025 and may sanction institutions found to be incorrectly registered.
For the full list of accountable institution Item numbers and guidance on updating your registration.
Read the FIC Notice for more information.
