The FIC has warned that it is running out of time to meet a key FATF deadline – which could severely hamper the nation’s plan to get off the grey list.
The Financial Intelligence Centre is pleading with law firms and estate agents who have not submitted their risk and compliance returns to do so in the coming days – or face penalties.
The FIC has called on all legal and estate agency professionals, as well as other affected designated non-financial businesses and professions and accountable institutions, to submit any outstanding RCRs. However, the percentage of estate agents and legal practitioners registered with the FIC who have submitted their RCRs stands at 55% and 60%, respectively. The FIC warned that “this is not good enough.”
“More importantly, the submission of the outstanding RCRs enables the FIC to risk profile each submitting individual DNFBP accountable institution, to determine the higher risk entities for risk-sensitive supervisory inspection purposes.”
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