Urgent Notice: Registration Update for Accountable Institutions
We have received verbal communication from the Financial Intelligence Centre (FIC) regarding the registration requirements for accountable institutions. This is an urgent matter, and we encourage all Accountable Institutions, especially Financial Services Providers (FSPs) who have added cryptocurrency to their licenses, to take immediate action.
Key Points to Note
Separate Registration on GoAML Website
FSPs must complete a separate registration on the GoAML platform if they have added cryptocurrency services to their license.
This registration will categorise your institution as an accountable institution under:
Schedule 1, Item 12
Schedule 1, Item 22
As a result, your institution will have two separate ORG ID numbers.
Multiple Service Offerings Require Separate Registrations
This approach applies to all accountable institutions offering multiple services listed under Schedule 1 of the Financial Intelligence Centre Act (FICA).
For example:
Trust and Company Service Provider: Must register separately as both a Trust Service Provider and a Company Service Provider, resulting in two distinct ORG ID numbers.
High-Value Goods Dealer: If you deal in both precious metals and precious stones, you must register separately for each service. Your registrations would be listed as:
"Company ABC - Precious Metals"
"Company ABC - Precious Stones"
Registration Details
When completing the second registration, ensure that your company name reflects both the company name and the specific schedule item you are registering for, separated by a hyphen.
Example: "Company ABC - Crypto Asset Service Provider"
A different email address must be used for each registration.
Confusion and Call for Clarity
We acknowledge that there is currently significant confusion surrounding these requirements, especially regarding how multiple service registrations are to be managed.
We strongly urge the FIC to issue clear, written guidance on this matter to ensure consistency and compliance across all accountable institutions.
Action Required
Immediate Registration: If you offer multiple services in terms of schedule 1 of FICA, you must register as soon as possible to avoid administrative sanctions.
If you are unsure whether you need an additional registration or require guidance on how to proceed, please contact us.
For any assistance regarding the matters discussed above, please click HERE.
