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
All employees of accounting and auditing firms
