The Financial Intelligence Centre (FIC) has recently issued Public Compliance Communication 59 (PCC59), announcing critical updates that could significantly impact your compliance processes. One major shift is the “strong recommendation” to consider individuals holding 5% or more ownership interest as having a controlling stake, which drastically affects how Accountable Institutions should approach Ultimate Beneficial Owner (UBO) identification.
Are you up to date with these changes? Failing to take action could result in consequences such as potential fines, reputational damage, or even getting caught up in a money laundering investigation.
DocFox, FICA compliance experts, is offering a free 1-hour webinar to unpack everything you need to know about UBOs according to the FIC Act. Join the session on the 18th of September at 10:00 learn more about the challenges of identifying UBOs and what steps you must take to remain fully FICA compliant.
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