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.
• Definition of money laundering
• How does money laundering effect 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
• Screening of clients
• Compliance officer
• Enforcement
• Non-compliance and penalties
