FIC: Mandatory Registration Under Correct Schedule 1 Item Numbers

Posted 15 August 2025 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has issued a directive requiring all accountable institutions to verify and, if necessary, amend their registration details on the goAML platform to ensure alignment with Schedule 1 of the Financial Intelligence Centre Act.

In terms of section 43B of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), all accountable institutions are required to register with the FIC electronically via the goAML web portal. The FIC has noted that several entities are currently incorrectly registered as a “Business Entity with a Reporting Obligation in terms of section 29 of the FICA” (BE) rather than as specific accountable institutions under the item numbers set out in Schedule 1.

The FIC has provided the following directives for compliance:

  • Correct Item Designation: Entities must ensure they are registered under the specific item number in Schedule 1 to FICA that corresponds to their business activity.
  • Multiple Registrations: Where an institution’s business activities fall under more than one item designation in Schedule 1, that institution must register each business activity separately under each applicable item.
  • Reporting Obligations: The “Business Entity” (BE) registration category is reserved strictly for persons or entities that do not fall within any Item in Schedule 1 but must submit suspicious transaction or activity reports under section 29 of FICA.

The FIC commenced the verification of entities registered as “Business Entities” on 31 May 2025. Where registrations are found to be clearly incorrect in terms of Schedule 1, the FIC may proceed with sanctioning the non-compliant persons or entities. Failure to register correctly constitutes an offence in terms of section 61A of FICA.

Institutions that identify errors in their current registration must amend their details through the goAML platform immediately. This includes updating the registration item to reflect the correct category of accountable institution as defined in the Act.

Click here to download the FIC Notice: Accountable Institutions must register under correct item numbers.

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; impact is channelled through firm-level compliance and the management of the goAML profile.
  • For your business: You must conduct an immediate audit of your firm’s goAML registration to ensure it matches the specific Schedule 1 item numbers applicable to your services; if your firm performs multiple functions (e.g., trust administration and legal practice), you must ensure separate registrations exist for each.
  • For your clients: You should advise clients who are accountable institutions to review their registration status before the FIC’s verification process results in potential sanctions for incorrect “Business Entity” classification.

Originally published at https://accountingacademy.co.za/news/read/fic-accountable-institutions-must-register-under-correct-item-numbers

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