Don’t Risk Non-Compliance: Master Your RMCP Today

Top Takeaways

• FIC requires all Accountable Institutions to submit an RMCP via goAML, even after the deadline has passed.
• RMCPs must be tailored, regularly updated, and implemented across your organisation.
• Non-compliance leads to inspections, penalties, and reputational risk, act fast to avoid legal consequences

What You Need to Know

‍Hawken McEwan has over 25 years of financial compliance, regulatory operations, banking operations risk and change. He specialises in FICA and ant-money laundering. He is an FSCA approved Compliance officer for Ncino.

He shares his insights about risking non-compliance and how to master your RMCP.

1. What is an RMCP?

‍A Risk Management and Compliance Programme (RMCP) outlines the policies, controls, and procedures your business must follow to detect and prevent money laundering, terrorist financing, and other financial crimes under the FIC Act.

2. Who Needs an RMCP?

‍All Accountable Institutions (AIs) listed under Schedule 1 of the FIC Act are legally required to have, maintain, and implement an RMCP.

3. What Should Be Included?

• Procedures for client risk profiling
• Measures for high-risk vs. low-risk clients
• Transaction monitoring and red-flag detection
• Documented controls for product, service, and geographic risks
• Internal training, oversight, and periodic reviews
• Sign-off and accountability by senior management

4. Why Is It Critical?

‍The RMCP is not a one-time compliance task, it’s a dynamic, living document. Failure to maintain or submit an RMCP is a breach of the FIC Act and could lead to inspection failures, fines, or worse.

5. Missed the March 2025 Deadline?

‍You're still expected to submit your RMCP via the FIC’s goAML portal without delay. Submission is mandatory, but not enough, your RMCP must also meet legislative standards and will be reviewed by regulators.

Call to Action

Need help navigating RMCP compliance?
Let the compliance experts at nCino KYC tailor an RMCP that meets FIC requirements and protects your business.

REQUEST A DEMO
Contact our team today to streamline your risk controls and stay inspection-ready. Avoid risk. Ensure compliance. Act now.

https://kycafrica.ncino.com/request-a-demo/

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