Credit Providers Must Submit Risk & Compliance Returns
Credit Providers (‘accountable Institutions’ as per the Financial Intelligence Centre) must submit their Risk and Reporting Returns to the FIC.
As per FIC Directive 7 this must be done by 31st July 2023
Non-submission of these risk and compliance returns can be considered non-compliance with FICA. If an ‘Accountable Institution’ is found non-compliant, it can face administrative sanction which can include a huge fine of up to R 10 million (if they are a natural person,) or R50 million (if they are a juristic person).
‘be sure to submit the required report on time’
And you just know the FIC are looking for someone to make an example of. So, be sure to submit the required report on time.