Is your trust FICA compliant??

In terms of the Financial Intelligence Centre Act, 2001 as amended (FICA) an “accountable institution” must register with the Financial Intelligence Centre in order to be compliant with the Act. Schedule 1, point 2, of FICA defines, as one of its accountable institutions:

“a board of Executors or a trust company or any other person that invests, keeps in safe custody, controls or administers trust property within the meaning of the Trust Property Control Act, 1998 (Act 57 of 1988)”
However, the registration obligation arises only in regards to Trustees that perform their function on a professional basis for clients. It follows therefore that you as Trustees in your personal capacity and performing your function in a personal capacity do not have to register.

IPROTECT TRUSTEES, however, is required and we confirm that we are so registered. We further confirm that we are fully compliant with the regulations relating to client verification and record keeping.
The answer is thus YES, your trust is compliant with FICA as your Independent Trustee is registered as an Accountable Institution.

Please note, for most clients, we have already obtained your FICA documentation, but in our continued efforts to maintain our compliance, we may need to request certain documentation from yourselves from time to time and trust that you will forward same so as to ensure that through our compliance your trust remains compliant.