Frequently Asked Questions

Find answers to common questions about FICA compliance and our services.

What is an RMCP?

A Risk Management and Compliance Programme (RMCP) is a document required by the FIC that outlines how an accountable institution will comply with FICA obligations. It includes policies, procedures, and controls for customer due diligence, record keeping, and reporting.

Who must register with the FIC?

Accountable institutions as defined in the FIC Act must register with the FIC. This includes attorneys, estate agents, motor vehicle dealers, dealers in high value goods, property practitioners, and other financial services providers.

What happens if I don't comply?

Non-compliance with FICA can result in significant penalties, administrative sanctions, and reputational damage. The FIC can impose fines and other enforcement actions against accountable institutions that fail to meet their obligations.

How long does compliance take?

The timeline depends on the complexity of your business and current compliance status. Typically, the initial RMCP development and registration process can be completed within 2-4 weeks. We strive for quick turnaround times.

Can Rainbow Compliance assist remotely?

Yes! We offer remote compliance services nationwide. Our team can handle the entire compliance process virtually, including consultations, document preparation, and submissions. We serve clients across South Africa.