Glossary
FIC (Financial Intelligence Centre)
The FIC is Zambia's financial intelligence unit, which receives, analyses and disseminates suspicious and cash transaction reports from institutions.
FIC (Financial Intelligence Centre) explained
The Financial Intelligence Centre was established under the Financial Intelligence Centre Act No. 46 of 2010 (as amended). It is the national body to which reporting institutions send suspicious transaction reports and currency transaction reports, and it analyses that information and passes intelligence to law enforcement and regulators.
The FIC also issues guidance and typologies to help institutions recognise suspicious activity, and it works with sector regulators who supervise how their licensees comply with AML/CFT obligations.
Reports are submitted electronically through goAML, the reporting platform the FIC operates.
Why it matters in life insurance
For a regulated institution in Zambia the FIC is the destination for STRs and CTRs and a source of PEP information and guidance, so the reporting process must be reliable and documented. Which institutions must register and report, and on what timetable, depends on the licence and the FIC's directives. ERMAML, the Ontech Risk & Compliance Suite, prepares goAML-schema reports from case records and can ingest FIC-published PEP data into its screening lists.
Related terms
STR (suspicious transaction report) · CTR (currency transaction report) · goAML · AML (anti-money laundering)