• Definition of money laundering
• How does money laundering effect the accounting profession
o Specific reference to services provided
• What constitutes a money laundering offence i.r.o. POCA
• Outline of FICA sections
• Duties of accountable institutions
o Risk Management and compliance program (RMCP)
o Implementing a Risk Based Approach
o Different services provided and their risks
o Risk assessment rating for each category
o Customer due diligence procedures for natural persons, legal persons, partnerships and trusts
o Identifying the beneficial owners of legal entities and trusts and the new reporting requirement
o Scrutinizing clients against the UNCS and Targeted Financial Sanctions Lists (TFS)
o Freezing of assets and implementing financial sanctions when applicable
o Dealing with Domestic and Foreign Politically Exposed Persons (DPEP and FPEP)
o Reporting to the FIC and sharing information
o Suspicious transaction reporting
o Cash transaction reporting
o Reports on Terrorist activity (POCDATARA)
o Appointment and duties of the compliance/reporting officer
o Training requirements for all employees
o Screening of employees
• Reports on bribery, extortion or fraud (PRECCA)
• Enforcement
• Non-compliance and penalties
• 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
• How will confidentiality and client privilege affect your reporting responsibilities?