At Caveat Legal, we are committed to keeping you informed about regulatory changes that may affect your business operations. Many of you will be aware of the changes to the Financial Intelligence Centre Act (FICA) and, in particular, the addition of further categories of ‘Accountable Institutions’, such as high-value goods dealers, credit providers and crypto asset providers to name a few.

These changes may impact your organisation’s compliance requirements. For example, simply offering credit terms to customers could see your organisation being deemed a credit provider and therefore an accountable institution under FICA.  As such, it’s crucial for you to understand whether your business falls within the scope of what’s considered an ‘Accountable Institution’ and if so, what compliance steps you need to take to properly comply. Failure to comply with FICA requirements can result in penalties and reputational risks for your business.

Our team of experts are available to provide guidance, assistance and training to help you navigate these regulatory changes effectively. If you have any questions or concerns, or need assistance with updating your policies and procedures, please don’t hesitate to contact us. We’re here to help ensure that your organisation remains compliant and protected.