FICA identifies what it refers to as “accountable institutions” which include crypto-asset service providers, high-value goods dealers (motor dealers) banks, estate agents, attorneys and businesses providing money remittance services, long-term insurance services and foreign exchange, among others.

The Act affects all clients and consumers who enter into either a single transaction or a business relationship with them.  All businesses and all people are required to report to the FIC on any transaction they are aware of that appears to be suspicious or unusual.

If your business falls within any of these categories FICA will have a major effect on how you do business.