Money laundering is an international pandemic, that affects many South African businesses. It is therefore important that all businesses understand their respnsibilities in terms of South African Anti-Money Laundering Legislation. Employees of businesses should also understand and fulfil their responsibilities and obligations in terms of these legislation.
The Financial Intelligence Centre Act (FICA) provides for specific requirements that all reportable institutions have to follow in order to ensure they mitigate the risk of money laundering, and also places a legal obligation on all employees to report money laundering transactions. Should non-compliance occur, heavy penalties will be implemented.
It is therefore necessary for reportable institutions to provide training to employees involved in transactions to which FICA applies during the normal course of business to enable them to comply with the provisions of FICA.
This course will enable delegates to form an understanding of money laundering legislation and the practical implications of money laundering.
It will bring to their attention their specific responsibilities in terms of the Act, and the penalties should they not comply.
After this course employees will be able to identify when they have a reporting responsibility and be able to submit the report necessary.
Definition of money laundering
How does money laudering effect your business
Money laundering process and statistics
What constitutes a money laundering offence i.r.o. POCA
Examples of money laundering (specifically using dealers in motor vehicles)
Role of the Financial Intelligence Centre
Requirements of reportable institutions
o Registering with the Centre
o Reporting responsibilities
Type of reports:
o Suspicious transaction reports
o Suspicious activity report
o Cash Threshold report
o Examples of when reports should be made
How and where to file report (Using the GoAML platform)
Specific requirements when making a report
o Effect of confidentiality clauses
o I reported, what now?
o We failed to report, what now?
Reporting requirements under other acts
o Reports on Terrorist activity (POCDATARA)
o Reports on bribery, extortion or fraud (PRECCA)
Enforcement by Centre
o Inspections
o Penalties
o Appeals
Any staff involved in the financial function at the reportable institution.
