Money laundering is an international pandemic, that affects many South African businesses. It is therefore important that all businesses understand their responsibilities in terms of South African Anti Money Laundering legislation. Employees of businesses, specifically accountable institutions, should also understand and fulfil their responsibilities and obligations in terms of these legislation.
This webinar is focused on providing an overview of the act and ALL the responsibilities, not only those applicable to general businesses but also accountable institutions, reportable institutions and auditing, accounting and tax practitioners.
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 should be able to identify when they need to report in terms of a suspicious report and should know what steps they need to take to report this.
Employees should also be able to provide assistance to clients with regards to FICA.
• Definition of money laundering
• Money laundering process
• What constitutes a money laundering offence i.r.o. POCA
• Examples of money laundering
• What is the penalty for money laundering
• Who is affected by FICA
• Changes in terms of the financial intelligence centre bill
• Reporting responsibilities in terms of FICA
o Suspicious reports
o Cash reports
o Terrorist property report
o Conveyance of cash
• Specific requirements when making a report
o Effect of confidentiality clauses and client privilege
o I reported, what now?
o Protection for reporter
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)
• Other requirements for accountable institutions
o Registering with the FIC
o Customer due diligence
o Keeping records
o Duty to develop Risk Management and Compliance Programmes
o Providing training to employees
o Appoint a compliance officer
• Enforcement by Centre
o Inspections
o Penalties
o Appeals
• Impact on auditors, how will this affect our relationship with our client and the audit engagement itself
• Impact on accounting and tax practitioners
• Reporting requirements when performing an audit, independent review or tax services. What will you report and who will you report to
o Suspicious transaction to FIC
o RI to IRBA
o RI to CIPC
o How will confidentiality and client privilege affect your reporting responsibilities?
Any staff involved in the financial function at the business, every team member in an audit engagement, and every employee who might be providing advice or assistance to clients in terms of FICA
