Members that are licensed for short-term insurance and healthcare products only are not accountable or reporting institutions as per Schedules 1 and 3 respectively. However – you may still come under an obligation in terms of section 29 of the FIC Act to report suspicious and unusual transactions and/or activities. When such an obligation arises, the business is required to obtain access to the Centre’s online reporting platform in order to submit the relevant report to the Centre and thereby discharge its obligation.
This is done by using the same registration platform and following the same process for registration described in the attached PCC in order to obtain the required login credentials. A business will have to go through this process once when it is required to submit a report under section 29 of the FIC Act for the first time. Thereafter the business will be able to use the login credentials so obtained in order to submit subsequent reports.