Recently, high-value goods dealers were included on the list of entities that are accountable institutions and must therefore comply with FICA. But what does this mean for your business?
The Financial Intelligence Centre Act (FICA) provides 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 the entity’s RMCP 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 high value goods dealers
• 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 Which transactions are relevant
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
