Attendance at this seminar will secure 4 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
LYNETTE BADENHORST
lynette@probetatraining.co.za
Accountable institutions must comply with the Financial Centre Intelligence Act or they could face heavy penalties. The FIC centre identifies property practitioners as Accountable institutions due to the increased risk of money laundering for these businesses. The provision of conveyancing services greatly increases this risk.
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 and the entity’s RMCP to be able to report money laundering transactions. Should non-compliance occur, severe consequences will follow.
Ensure your employees understand their responsibilities and the process to follow to comply with the Act and identify and report suspicious acts or transactions.
• Definition of money laundering
• How does money laundering effect property practitioners
o Specific reference to services provided
• What constitutes a money laundering offence i.r.o. POCA
• Outline of FICA sections
• Duties of employees, with specific detail on:
o Performing customer due diligence
o How to identify red flags
o Suspicious clients
o Suspicious reports
o Cash reports
o Reports on Terrorist activity (POCDATARA)
o Reports on bribery, extortion or fraud (PRECCA)
o Whom should employees report to?
o When should employees report?
o How should employees report?
o Examples of when reports should be made
o Specific requirements when making a report
o Effect of a confidentiality clause
o Tipping-off rules
• Consequences of non-compliance
