FICA - Annual Update online course
In this course, you will learn how to comply with the requirements of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001) (also referred to as ‘FICA’ or the ‘FIC Act’) and other relevant anti-money laundering legislation as they apply to accountable institutions (AIs), like financial services providers (FSPs).
This course is an update on FICA: it outlines the new amendments and provides an overview of the application of these FICA amendments. We will also identify the appropriate procedures and systems that a provider must have in place in order to adhere to the Risk Management and Compliance Programme (RMCP). Note that accountable institutions (AIs) have to maintain specified records for a minimum period of five years and that these documents must be used for customer due diligence identification and verification.
In addition, this module provides an outline of the non-compliance and offences consequences that face an accountable institution if they to do not adhere to FICA. To conclude, a brief exposition on the requirements to include in your RMCP, as per the published Guidance Note 7 on FICA, will be discussed as well.
Once you have successfully completed this course, you will be able to:
- Discuss recent amendments to the FIC Act
- Explain the importance of the FIC Act and other relevant legislation in combating money laundering
- Explain the control measures the FIC put in place to mitigate risk in accountable institutions
- Explain the consequences of non-adherence to the FIC Act
- Create a Risk Management and Compliance Programme and a risk-rating questionnaire.
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