Accountable institutions must comply with the Financial Centre Intelligence Act or they could face heavy penalties. Legal practitioners are identified by the FIC centre as Accountable institutions due to the increased risk of money laundering for these businesses.
The Financial Intelligence Centre Act (FICA) provides for specific requirements that all accountable institutions have to follow to ensure they know their clients to mitigate the risk of money laundering. It also places a legal obligation on all employees to undergo training on the Act 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.
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 will be able to identify when they have a reporting responsibility and be able to submit the report necessary.
Definition of money laundering
How does money laundering affect Attorneys
o Specific reference to services provided
What constitutes a money laundering offence i.r.o. POCA
Outline of FICA sections
Duties of accountable institutions
o Risk Management and compliance program
― Different services provided and their risks
o Customer due diligence
― Specific reference to different types of clients and what documentation to receive
o Screening of clients
o Reporting to the FIC and sharing information
― What is a suspicious transaction?
― How to identify suspicious transactions or clients
― What steps to take
o Compliance officer
Enforcement
Non-compliance and penalties
