FICA - Money Laundering & the FICA - Legal Practitioners

Price:
R517.50 (VAT Incl.)
Level:
Business Professionals
Sub-level:
FICA
Lecturer:
Probeta Training
Duration:
180 Minutes
Additionals:
   CPD Assessment
   Certificate

Lesson Outline


Accountable institutions must comply with the Financial Centre Intelligence Act or they could face heavy penalties. Legal practitioners are identified by the FIC centre as Accountable institutions due to the increased risk of money laundering for these businesses.

The Financial Intelligence Centre Act (FICA) provides for specific requirements that all accountable institutions have to follow in order to ensure they know their clients in order to mitigate the risk of money laundering. It also places a legal obligation on all employees to undergo training on the Act in order to be able to report money laundering transactions. Should non-compliance occur, severe consequences will follow.

Make sure your employees understand their responsibilities and the process to follow to be able to comply with the Act and identify and report suspicious acts or transactions.

  • Definition of money laundering
  • How does money laundering effect Attorneys
  • Specific reference to services provided
  • What constitutes a money laundering offence i.r.o. POCA
  • Outline of FICA sections
  • Duties of accountable institutions
  • Risk Management and compliance program
  • Different services provided and their risks
  • Customer due diligence
  • Specific reference to different types of clients and what documentation to receive
    Screening of clients
  • Reporting to the FIC and sharing information
  • What is a suspicious transaction?
  • How to identify suspicious transactions or clients
  • What steps to take
  • Compliance officer
  • Enforcement
  • Non-compliance and penalties