Antimoney Laundering, anti-corruption and anti-bribery

COURSE

Antimoney Laundering, anti-corruption and anti-bribery

COURSE
A$18pp
A$18per person

Antimoney Laundering, anti-corruption and anti-bribery course is sutiable for:All employees of a financial institution designated as an accounting or recording institution in terms of the South African Financial Intelligence Centre Act

Basic course covers :

  • Financial Intelligence Centre Act
  • The Protection of Constitutional Democracy Against Terrorist and Related Activities Act 33 of 2004 ("POCDATARA"), The Prevention of Organised Crime Act 121 of 1998 ("POCA"),
  • The Prevention and Combating of Corrupt Activities Act 12 of 2004 ('PRECCA"),
  • Financial Action Task Force (FATF)
  • Client  identification and verification
  • Reporting obligations
  • Tipping off
  • Record keeping
  • Penalties
  • Sanction lists (in RSA we use UN1267 sanction list)
  • Optional Assessment

Contact Gail at 0832003547 or email at gail.gibson@nakedmindz.co.za for any training needs

Learning
1.0 introduction

The FATF Recommendations are the internationally endorsed global standards against money laundering and terrorist financing: they increase transparency and enable countries to successfully take action against illicit use of their financial system.

In South Africa we have the Financial Intelligence Centre (“the Centre”) which is an effective financial intelligence unit.

  • The confiscation scheme is comprehensive and utilises effective civil forfeiture measures. 
  • Since 2003, South Africa has also adopted mechanisms to freeze terrorist-related assets. 
  • The FIC Act imposes customer due diligence, record keeping, and suspicious transaction reporting and internal control requirements. 
Anti-money laundering, anti-bribery and anti-corruption course for South Africadocument
Introduction Videovideo
1.1 Money Laundering

In this module we look at money laundering. We have an introduction to the main legaslation. We discover how FICa will impact on us. Resources include  examples of both terroist financing and money laundering offences

...
terroist fundingdocument
Video for Module 2video
Money Launderingdocument
Criminals use the financial system to launder moneydocument
money launderingdocument
1.2 Meeting the role players

In this module we identify the major role players.

1.3 Getting to know your Customer

According to FICA Section 21, these accountable institutions are obliged not to establish a business relationship (which is defined as "an arrangement between a client and an institution for the purpose of concluding transactions on a regular basis") or conclude a single transaction with a client unless they have taken prescribed steps which identify and verify that client or, if the client is acting on behalf of another person, to establish and verify the identity of that other person and the client's authority to act on that other person's behalf. The same requirements apply if another person is acting on behalf of a client.

Risk Ratingdocument
The non-face-to-face customerdocument
Standardsdocument
KYC/CIV requirements for trustsdocument
Profilingdocument
KYC/CIV requirements for partnershipsdocument
Let’s see what makes up a South African ID number:document
KYC/CIV requirements for listed companiesdocument
Stages of KYC/CIVdocument
Close Corporation (CC)document
1.4 Record keeping

Records must be kept of everything that was done with the client.

Record keepingdocument
Keeping of Recordsdocument
1.5 Enhanced Due Diligence

Enhanced Due Diligence is required when Customer Due diligence indicates this entity may be a high risk

Enhanced Due Diligencedocument
1.6 Money laundering offences

In order to be guilty of the offence of money laundering under FICA, a person must commit an act relating to the proceeds of an unlawful activity with a certain state of mind.

A Money Laundering Offencedocument
1.7 A risk-based approach

High risk areas and sanctions. In South Africa we must screen clients against the UN 1267 sanction list in terms of the Act.  Other sanction lists such as the Financial Industry Regulatory Authority (FINRA) are not considered sufficent.

Money Laundering Offencesdocument
1.8 Reporting suspicious transactions

The reporting duties apply if you know or ought reasonably to have known  that the activity was suspect

A risk-based approachvideo
Assessment for ABCquiz