Theoretical knowledge of FICA for all staff members irrespective of whether they are a part of the transaction process within an accountable institution or not.
Financial Intelligence Centre Act - FICA.
- People employed by accountable institutions who are involved in the facilitating, processing or overseeing of financial transactions.
- Key Individual
- Compliance Officer
- Representative
- Manager
- Employee
This course is designed to assist FICA Compliance Officers and Money Laundering Reporting Officers of accountable institutions and reporting institutions in understanding the Financial Intelligence Centre Act 38 of 2001 (“FICA”) (and incidental legislation) at a greater depth. While this course does not focus on a single item listed as an accountable institution in Schedule 1 to FICA, it does focus on the general application of FICA within a listed institution.
What is Fica
The Financial Intelligence Centre Act- FICA is South African law that was instituted to fight financial crime such as money laundering, fraud, tax evasion, terrorist financing activities and identity theft. The Act established the Financial Intelligence Centre and a Money Laundering Advisory Council to combat money laundering activities. The Financial Intelligence Centre operates strictly within the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) and shares information with other organs of the state such as Public Protector or the courts when obliged by the Act.
Who Needs to Comply?
People employed by accountable institutions who are involved in the facilitating, processing or overseeing of financial transactions.
- Key Individual
- Compliance Officer
- Representative
- Manager
- Employee
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What Do Businesses Need To Do?
- Obtain and verify clients identity documents to confirm the accuracy of client information.
- Conduct risk assessments and monitoring
- Do employee trainings and awareness
- Have proper record keeping processes
Moonstone Business School of Excellence (MBSE) offers 3 fun and interactive online courses that provides key information on FICA. FICA aims to prevent money laundering, terrorist financing, and other illicit activities. Compliance is essential to maintain trust and integrity in financial systems.
Background Of The Legislation
The Financial Intelligence Centre Act (FICA) was implemented in South Africa on July 1, 2001. Its primary purpose is to combat money laundering activities and the financing of terrorist and related activities. Here are some key points about FICA:
- FICA aims to protect South Africans’ money by preventing financial crimes such as money laundering and tax evasion
- FICA applies to various institutions, including banks, insurance companies, and other FSPs