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 must 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 your firm’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 affect the accounting profession
o Specific reference to services provided
• What constitutes a money laundering offence i.r.o. POCA
• 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
o Interaction
• between FICA requirements and profession’s requirements such as:
o RI to IRBA
o RI to CIPC
o NOCLAR
