Proposed amendments to the Financial Intelligence Centre Act must ensure a lesser regulatory burden on small businesses, according to SA Institute of Charted Accountants.
JOHANNESBURG - Proposed amendments to the Financial Intelligence Centre Act must ensure a lesser regulatory burden on small businesses, according to SA Institute of Charted Accountants Project Director Juanita Steenekamp.
“When you register with the Financial Intelligence Centre, there are certain compliance obligations that small practitioners have to complete,” she said. Steenekamp recommended lesser regulatory requirements such as transaction value or other similar mechanisms be used to manage the SMMEs’ risk in dealing with various financial transactions that occur through their practices.