Attendance at this seminar will secure 4 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Web Based (Online)
LYNETTE BADENHORST
lynette@probetatraining.co.za
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 in order to ensure they know their clients in order 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 in order 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 Attorneys
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
