With draft amendments that will increase the scope of accountable institutions, it becomes more important than ever for companies to take note of the Financial Intelligence Centre Act.
The Financial Intelligence Centre Act (FICA) provides for specific requirements that all accountable 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, severe consequences will follow.
Join us for a high level discussion of the requirements on the FIC Act. This session will go through all the requirements of the Act and the consequences should you not comply. This session is aimed specifically at individuals who would like to refresh their FICA knowledge and need an update on the changes.
The session will cover the following:
• What constitutes a money laundering offence i.r.o. POCA
• Outline of FICA sections
• Draft changes to the Act and the Schedules
• Duties of accountable institutions
• Customer due diligence
• Reporting to the FIC and sharing information
• Screening of clients
• Compliance officer
• Enforcement
• Non-compliance and penalties
