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FICA, the Financial Intelligence Centre Act, No. 38 of 2001, established a regulatory anti-money laundering system for South Africa. FICA has had major implications for the ‘accountable institutions’ and is not to be taken lightly.
There can be few who have not heard of FICA, the Financial Intelligence Centre Act, No. 38 of 2001. The Act established a regulatory anti-money laundering system for South Africa. FICA has had major implications for the "accountable institutions" such as:
- Banks
- Estate agencies
- Unit trust and insurance companies
- Attorneys
- Accountants
- Gambling institutions
FICA is not to be taken lightly. The requirements of the Act are demanding and the penalties upon conviction of an offence are severe. It is important that not only ‘accountable institutions’, but also their employees, understand and fulfill their responsibilities and obligations in terms of the Act. All employees have a legal obligation in terms of FICA and can be held personally liable for failure to apply and follow anti-money laundering procedures.
The publication content is aligned to Unit Standard 242593, NQF Level 4 with 3 credits.
 Target Market
Workers in any industry where there is a responsibility to verify the source of funds under money laundering legislation. It will be useful for employees of accountable institutions required to do client identification such as those employed by accountants, attorneys, banks, gambling, investment and insurance institutions.
Outcomes
The qualifying learner will know and understand:
- The purpose of the various money laundering legislation applicable in South Africa.
- The requirements for accountable institutions.
- The recording function and how to report suspicious transactions.
- The consequences of non-compliance.
Programme Includes
- Copies of all relevant Acts
- Links to relevant websites
- 20 activities
- Self-marking assessments at the end of each section.
Course Content
1. South African Money Laundering Legislation
- Money Laundering Concepts
- South African Money Laundering Legislation
- Statutory Bodies
- The Money Laundering Reporting Officer
2. Accountable Institutions
- Identification & Verification
- Categories of Client
- Exemptions from the "Know Your Client" ("KYC") Requirements
3. Internal Rules, Record-Keeping Suspicious Transactions and Reporting
- Internal rules and reporting requirements
- Awareness and Training
- Record Keeping
- Suspicious Transactions
About the Author
Tracey Tomlinson has a BComm degree from Rhodes University and has worked for a number of blue chip companies in South Africa including Anglo American, Allan Gray, Coronation Asset Management and Old Mutual Asset Managers. For the past decade Tracey has been involved in the development and creation of multi-media in-house training resources for leading financial institutions.
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