With the proposed changes to Financial Intelligence Centre Act, an audit company may be included in the first schedule as an accountable institution. As such it is important that they are aware of the requirements in terms of the Act.
Accountable institutions must comply with the Financial Centre Intelligence Act or they could face heavy penalties. In terms of the Act, training on FICA is a key fundamental requirement.
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.
Make sure your employees understand their responsibilities and the process to follow to be able to comply with the Act and identify and report suspicious acts or transactions.
The session will cover the following:
• Definition of money laundering
• How does money laundering affect your business
• What constitutes a money laundering offence i.r.o. POCA
• Outline of FICA sections
• Duties of accountable institutions
• Customer due diligence
• Reporting to the FIC and sharing information
o Suspicious reports
o Cash reports
o Terrorist property report
o Conveyance of cash
o Examples of when reports should be made
• 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)
• Screening of clients
• Compliance officer
• Enforcement
• Non-compliance and penalties
o Inspections
o Penalties
o Appeals
