Tag Archive: Legislative Changes

Legislative Changes Ahead

My compliance officer was in the house yesterday. The session was to cover legislative changes ahead with regards to requirements from the FSB (Financial Services Board) and the FIC (Financial Intelligence Centre).

The FSB requirements included licencing and category matters ahead for us Financial Advisers which, for me, there’s nothing to worry about or to do. On the FIC issues, the short story is that we must collect FICA documents from clients and legal entities more often than ever before and we are going to need to know how to access the United Nation’s international terrorism watch list. Now here’s a new activity for me to do while watching rugby on TV…. check which clients are suspected terrorists. I’ll check first to see that I’m not on there.

This is a brief view of what was a two hour discussion. Legislation, compliance, the movement of monies for investing, what if we have clients that are political figures and more. It’s all getting tighter, for anyone and all businesses that have a financial reporting responsibility.

All good in some ways regarding cutting down on fraud and money laundering and corruption. Just more admin.