Available Course

Money laundering & the Financial Intelligence Centre Act – Motor vehicle dealers

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Duration: 3.00
CPD Hours: Attendance at this seminar will secure 3 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Course Facilitator: Yvonne Rossouw
T:  0118861395
E:  gillian@probetatraining.co.za

Accountable institutions must comply with the Financial Centre Intelligence Act, or they could face heavy penalties. Motor vehicle dealers are currently still classified as a reportable institution, but changes to the FIC Act will include them in the category of accountable institutions. This means that they will have to comply with the Act in full. The Financial Intelligence Centre Act (FICA) provides for specific requirements that all accountable institutions have to follow in order to ensure they know their clients in order to mitigate the risk of money laundering. It also places a legal obligation on all employees to undergo training on the Act in order to be able 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 motor vehicle dealers • 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

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