This is an AI-generated summary of a selected monitored public legal source and may omit context. It is general information only, not legal advice, and is not a substitute for reading the source or consulting an attorney.
AI summary
The Financial Intelligence Centre issued a consultation note relating to draft Directive 12 on the submission of Risk Management and Compliance Programmes under the Financial Intelligence Centre Act, 2001. It says the draft would require certain accountable institutions to submit copies of their RMCP documentation on an annual basis, with different reporting dates listed for different Schedule 1 items.
This may be relevant to accountable institutions and supervisory bodies that are mentioned in the consultation process.
Evidence from source
draft Directive 12 seeks to mandate every accountable institution listed in Schedule 1 to the FIC Act to make a copy of the documentation describing their Risk Management and Compliance Programmes (RMCPs) on an annual basis.
Supports: plain_summary sentence 2
The Financial Intelligence Centre (Centre) has issued draft Directive 12 for consideration by accountable institutions, supervisory bodies and other persons in terms of section 43A of the Financial Intelligence Centre Act, 2001
Supports: plain_summary sentence 1 and audience