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FICA

Individuals: R 437.00 (Incl. VAT)

CPD Hours: 4 hrs

Presenter: Yvonne Rossouw


Overview:

Fic With legislation changing each year, and new acts becoming effective, it is important that companies stay up to date. Two acts that impacts every single employee in every company, are the Financial Intelligence Centre Act (FICA) and the Protection of Personal Information (POPI). It is important for companies to ensure their employees receive training in these Acts and their regulations. As such Probeta training presents a course that will cover the requirements of both FICA and POPI in one day.


Course Content:

FICA: Money laundering is an international pandemic, that affects many South African businesses. It is therefore important that all businesses understand their responsibilities in terms of South African Anti Money Laundering legislation. Employees of businesses, specifically accountable institutions, should also understand and fulfil their responsibilities and obligations in terms of these legislation. The Financial Intelligence Centre Act (FICA) provides for specific requirements that all accountable institutions have to follow in order to ensure they mitigate the risk of money laundering, and also places a legal obligation on all employees to report money laundering transactions. Should non-compliance occur, heavy penalties will be implemented. It is the responsibility of accountable institutions to provide training to employees involved in transactions to which FICA applies during the normal course of business to enable them to comply with the provisions of FICA and the internal rules applicable to them. The session will cover the following: Definition of money laundering How does money laundering effect your business? Money laundering process and statistics What constitutes a money laundering offence i.r.o. POCA Examples of money laundering What is the penalty for money laundering? Role of the Financial Intelligence Centre Reporting responsibilities o Suspicious reports o Cash reports o Terrorist property report o Conveyance of cash o Examples of when reports should be made How and where to file report (Using the GoAML platform) Specific requirements when making a report o Effect of confidentiality clauses o I reported, what now? o We failed to report, what now? Reporting requirements under other acts o Reports on Terrorist activity (POCDATARA) o Reports on bribery, extortion or fraud (PRECCA) Other requirements for accountable institutions o Registering with the FIC o Customer due diligence o Keeping records o Implementing internal rules o Providing training to employees o Appoint a compliance officer Enforcement by Centre o Inspections o Penalties o Appeals POPI: On the 7th of September 2016, the South African National Assembly voted in favour of the appointment of the Information Regulator for POPI. With the appointment of the regulator done, the effective date of the Act will not be far behind, which makes it important for companies to start taking note and familiarising themselves with the Act, as companies will have to comply within one year of the Act becoming effective. When it comes to personal information, it is important that the data subject is protected and their data processed within certain limitations. Every single company processes personal information to some degree, even if it is only for their employees, and as such it is in the best interest of all companies to understand and implement this Act. It is also imperative for employees of organisations who process data, to understand the basic principles of the Act to ensure their actions do not lead to organisations non-compliance. The session will cover the following What is the type of information that is protected? What is included in personal information? o What is Special personal information and what is the difference? What activities are regulated by the Act? What does it mean to process personal information? Who have rights and obligations under this Act? The limitations the Act places on processing of information o Lawfulness of processing information o Limiting further processing o Do I need consent from data subject? o What if I do not receive the data directly from the Data subject? o I have a responsibility in terms of another Act to process data, what now? o What will this mean for direct marketers and what will be their way forward? The need to specify the purpose for which the information is received Retention periods for personal information o Retention period in terms of other acts Ensuring the quality of the information you possess Making the data subject aware of information collected Implementing security safeguards over the information you possess o What happens when information is lost? The right of the data subject to participate Penalties for offences


Course Objective:

POPI: After this course delegates should have an understanding of the requirements of the Act and be able to implement basic processes and procedures to ensure they comply with the provisions of the Act. The objective of this course is to raise awareness with regards to the Act and to provide some basic examples of how to implement it. Please note: This is not legal consultation, and unfortunately we cannot provide specific guidance with regards to any specific type of company, as this is a broad spectrum training and not confined to one specific type of responsible party or data subject. FICA: 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 should be able to identify when they need to report in terms of a suspicious report and should know what steps they need to take to report this. Employees should also be able to provide assistance to clients with regards to FICA.


Who Should Attend?

Any staff involved in the financial function at the business, every team member in an audit engagement, and every employee who might be providing advice or assistance to clients in terms of FICA And Every employee who will be in possession of personal information as well as management responsible for implementing policies and procedures

Individuals: R 437.00 (Incl. VAT)

CPD Hours: 2 hrs

Presenter: Yvonne Rossouw


Overview:

Money laundering is an international pandemic, that affects many South African businesses. It is therefore important that all businesses understand their responsibilities in terms of South African Anti Money Laundering legislation. Employees of businesses, specifically accountable institutions, should also understand and fulfil their responsibilities and obligations in terms of these legislation. This webinar is focused on providing an overview of the act and ALL the responsibilities, not only those applicable to general businesses but also accountable institutions, reportable institutions and auditing, accounting and tax practitioners.


Course Content:

Definition of money laundering Money laundering process Examples of money laundering What is the penalty for money laundering Who is affected by FICA Changes in terms of the financial intelligence centre bill Reporting responsibilities in terms of FICA o Suspicious reports o Cash reports o Terrorist property report o Conveyance of cash Specific requirements when making a report o Effect of confidentiality clauses and client privilege o I reported, what now? o Protection for reporter o We failed to report, what now? Reporting requirements under other acts o Reports on Terrorist activity (POCDATARA) o Reports on bribery, extortion or fraud (PRECCA) Other requirements for accountable institutions o Registering with the FIC o Customer due diligence o Keeping records o Duty to develop Risk Management and Compliance Programmes o Providing training to employees o Appoint a compliance officer Enforcement by Centre o Inspections o Penalties o Appeals Impact on auditors, how will this affect our relationship with our client and the audit engagement itself Impact on accounting and tax practitioners Reporting requirements when performing an audit, independent review or tax services. What will you report and who will you report to o Suspicious transaction to FIC o RI to IRBA o RI to CIPC o How will confidentiality and client privilege affect your reporting responsibilities?


Course Objective:

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 should be able to identify when they need to report in terms of a suspicious report and should know what steps they need to take to report this. Employees should also be able to provide assistance to clients with regards to FICA.


Who Should Attend?

Any staff involved in the financial function at the business, every team member in an audit engagement, and every employee who might be providing advice or assistance to clients in terms of FICA

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