Registrations
Welcome to the Training on Registration!
Our portal is your gateway to understanding the intricacies of registration processes with the FIC, a crucial step in ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Whether you're a financial institution, a designated non-financial business or profession (DNFBP), or an individual seeking to navigate FIC's registration requirements, this video offers comprehensive training modules tailored to your specific needs.
Guidance on Registration
Section 39 (2) of the FIA requires AIs and Reporting Institutions not supervised by or regulated by a supervisory body or regulatory body must register their prescribed particulars with the FIC for the purposes of supervising compliance with the FIA.
Registration Requirements
Institutions and persons applying for registration with the FIC should avail the following information to initiate the registration process:
The Registration Form, which can be downloaded from the FIC’s website www.fic.na navigate to the “Forms” tab. Download, complete and submit the form to the FIC;
AML/CFT/CPF Compliance Programme
A copy of the company’s registration documents example: BIPA registration documentation; and
ID or passport copy.
What is an anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF Compliance) Programme?
An AML/CFT/CPF Compliance Programme is a document that outlines how an institution comply with the FIA obligations.
The following should be considered when drafting an AML/CFT/CPF Compliance program.
1. Risk Assessment, Risk Management & Monitoring System (Section 23& 39(1)).
2. Identification when a business relationship is established, or a single transaction is concluded (KYC) (Section 21).
3. Ongoing and Enhanced Due Diligence (EDD) (Section 23&24).
4. Record Keeping (Section 26).
5. Cash Threshold Report (CTRs) (section 32).
6. Suspicious Transaction Reporting (STR) and Suspicious Activities Report (SAR) (Section 33).
7. Screening of clients against the UN Sanctions lists (sections 25 of the Prevention and Combating of Terrorist and Proliferation Activities Act, 2014) section 24.
8. Develop audit functions, monitor compliance with internal rules and AML/CFT legal framework (Section 39(8)).
9. Designate Compliance Officers at management level (Section 39(6)).
10. Ongoing employee training programmes such as KYC programmes (Section 39).
11. Implementation of the FIA Compliance Program.
12. Targeted Financial Sanctions (Sections 25 of the Prevention and Combating of Terrorist and Proliferation Activities Act, 2014); (Section 24 of FIA).
13. Prominent Influential Persons (Section 23A of FIA Amendments).
Registering with the FIC.
There are two ways to register with the FIC:
1. Submission of required documents to the FIC via email to register@fic.na.
2. Self-registration on the FIC Website www.fic.na
Submission to the FIC via email.
The applying entity/person submits all required documentation to the FIC by emailing same to register@fic.na
If the registration submission complies with all requirements, the FIC will commence the process to register the applying entity/person.
After all due diligence is completed, the FIC will send a Confirmation Letter to the Compliance officer of such entity/company, as per the registration details provided.
Self-registration on the FIC Website.
To register with the FIC, open your browser search for www.fic.na
On the website navigate to the Registration & Reporting Portal tab.
On the GoAML Portal Click on “LOGIN” to login to sign in with the username and password provided to you upon registration completion.
If you are not yet registered click on the “Register” icon, then click on “Reporting Entity”.
Important notes.
All Fields in red are mandatory and require to be filled.
Create a Username using three letters of your organisations name and a numeric sequence, Example FIN001. If the Username is unavailable amend it accordingly to create a unique username.
The numeric on the username will increase when/if you add additional users for your organization, example additional user will be FIN002.
Attach the required documents.
Be meticulously accurate when inserting data and verify that all information is correct.
Upon completion of the forms click on submit. Your application will be verified and approved if all information is captured correctly, however, if there is a problem with the submission the application will be rejected, and a member of the FIC will send you an email with instructions to rectify the registrations.
NPO Registration.
Revised directive No. 04 of 2023 mandatory NPO registrations with the FIC.
Not all NPOs are required to register with the FIC and comply with the FIA. NPOs must however engage the FIC to determine if they meet the registration criteria. The FIC can only make such determination after assessing the NPO’s risk profile.
According to the 2020 National Risk Assessment (NRA), religious and Faith Based Organisations (FBOs) are the most vulnerable to TF risks. The 2023 NRA update further identified NPOs involved in charitable services as inherently vulnerable for TF abuse. Such charitable services include housing, healthcare, social services, education etc. Therefore, FBOs, religious bodies and charitable NPOs must comply with the FIA. FIA compliance starts with FIC registration, as explained herein.
Registration Requirements.
1. NPO Registration form (ANNEXURE A as per the Directive);
2. ID copies of the founders/board/management committee of the NPO;
3. Constitution of NPO or Registration document (section 21 company);
4. NPO AML Compliance Program Template (see attached);and
5. Annual Return (see attached).
Non-compliance With the NPO registration Directive.
The consequence of failure to register with the FIC undermines the ability to ensure effective supervision in terms of the FIA. Such failure not only hampers the effective functioning of the entire AML/CFT/CPF framework but may also cause the non-adhering institution to be subjected to criminal penalties and/or administrative penalties, as mandated by the FIA.
Start your journey towards compliance excellence with the FIC Training Portal today. Kindly Watch the training video and complete the Registration quiz below.