Well, it’s not great; the consequences of non-compliance are pretty heavy, leaving your business vulnerable to possible administrative sanctions, including serious financial penalties.
Nobody wants that!
But if you did miss the deadline in December, trying to hide is not a sustainable long-term solution. It is better to go cap in hand and register, as soon as possible. You don’t want them to catch you later and decide to make an example of you.
“You don’t want them to catch you later and decide to make an example of you”
The good news is that the FIC’s primary function is collecting, analysing, and disseminating financial intelligence to relevant authorities, assisting in the identification and prevention of illicit financial activities. If you are not up to nonsense, this means you should be fine, as long as you try to comply with their requirements.
The FIC works in association with various stakeholders like banks, financial institutions, and law enforcement agencies to ensure a coordinated effort in safeguarding the country from the detrimental effects of criminal activities. SA already has a poor reputation in this regard, with grey listing and a history of high-ranking politicians on the take.