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Financial Intelligence Centre Act 101

COURSE

Financial Intelligence Centre Act 101

COURSE

This course comes with examples of suspicious transaction, information capturing,and reporting forms.The South African Financial Intelligence Centre Act 102 course is suitable for: employees of a financial institution designated as an accounting or recording institution in terms of the Financial Intelligence Centre Act who require intermediate knowledge of the Finacial Intelligence Centre requirements. 

A video presentation is included which covers penalties, an introduction to suspicious transactions,and enhanced due diligence and how GFIC communicates with you We also look at  record keeping and how the FIC informs you of an audit

Course Scope:

  • Accountable institutions

  • Recording institutions

  • Know your client or clientidentification and verification requirements with requirements for all entities

  • Enhanced Due diligence requirements

  • Cash transactions

  • Suspicious transactions Section 28, 28A and 29 with examples

  • Tipping off

  • Risk based approach

  • Examples of information capturing and reporting forms

  • Example of a Compliance action plan

  • Compliance Management.

  • Optional Assessment

Contact Gail at 0832003547 or email at [email protected] for any training needs

Learning
Financial Intellegence Centre Act- FICA
...
The Stages of Money Laundering
Structures In The FIC Act

THE FINANCIAL INTELLIGENCE CENTRE ACT, 38 OF 2001

Two structures were created in the Act.

The Financial Intelligence Centre Act (FICA) was enacted to combat money laundering activities.  It established the Financial Intelligence Centre as well as a Money Laundering Advisory Council to help it achieve this purpose.

THE MONEY LAUNDERING ADVISORY COUNCIL (MLAC)

Membership consists of heads of various state departments, such as the National Treasury, the South African Police Service, the National Intelligence Agency, South African Revenue Services and representatives of accountable institutions (see below as to what are accountable institutions) and supervisory bodies. A supervisory body means a functionary or institution referred to in Schedule 2, such as the Law Society of South Africa or the Estate Agents Board.

The MLAC strives to bridge the gap between the government and the private sector.  The purpose of the MLAC is to advise the Minister of Finance on policies and best practices to identify the proceeds of unlawful activities and combat money laundering, to advise the Financial Intelligence Centre on its activities and to act as a forum in which the Financial Intelligence Centre, associations representing categories of accountable institutions, organs of state and supervisory bodies can consult one another.

THE FINANCIAL INTELLIGENCE CENTRE (FIC)

The FIC was established in order to assist in the identification of the proceeds of unlawful activities and the combating of money laundering. It is required to:

  •  Collect information relating to suspicious financial transactions or transactions over a certain monetary limit
  •  Make information collected by it available to investigating authorities, the intelligence services and South African Revenue Services
  • Exchange information with similar bodies in other countries as money laundering is an international phenomenon

As the information received by the Centre is of a highly sensitive nature, all staff are security screened and are under strict confidentiality regulations.

The FIC started receiving suspicious and unusual transactions reports from businesses on 3 February 2003. A dedicated team of analysts process and analyse the reported information with a view to cultivating leads for investigation by law enforcement authorities.

Fica Application

The Act applies to all persons in that it regulates conduct with regards to suspicious transactions. In particular however, it imposes substantial obligations on anyone or any entity defined as an “accountable institution” or a “reporting institution”. Reporting institutions have an obligation to report suspicious transactions as well as certain other transactions which exceed prescribes cash limits. Accountable institutions have additional obligations to establish and verify the identity of clients before entering into a transaction.

Reporting institutions

  • anyone dealing in Kruger Rands
  • motor car dealerships

ACCOUNTABLE INSTITUTIONS

  • Board of executors ofany trust company or any other person keeping in safe custody or administering trust property
  • Estate agents
  • Members of approved exchanges
  • Collective investment scheme management companies
  • Banks and Mutual banks
  • Long term insurance companies
  • Gambling establishments
  • Anyone dealing in foreign exchange
  • Anyone lending money against securities
  • Licensed financial services providers except short term and medical aid brokers
  • Anyone issuing, selling or redeeming traveller’s cheques, money orders or similar instruments
  • Ithala Development Finance Corporation
  • Money remitters
Duties
Various offences under FICAdocument
Example of a form to capture trust informationdocument
Example of a form to capture company informationvideo
Example of a form for capturing information from a Closed Corporationdocument
Example of a form for information required from a natural persondocument
Example of a suspicious transaction reporting formdocument
The following offences are committed by individuals:document
Example of a Compliance action formvideo
Presentation Video for Anti-money Laundering
Assessment for FICquiz