Accountable institutions must comply with the Financial Centre Intelligence Act or they could face heavy penalties. Part of the requirements of the FIC Act is to perform customer due diligence procedures. This means that accountable institutions will have to process personal information.

POPI requires responsible parties to process personal information in compliance with the POPI Act. This requires entities to ensure information is obtained in the right way and safeguarded properly.

How do these requirements affect your processing of information under FICA? Do you need consent and can clients refuse to provide you with information due to POPI? Are you allowed to share this information or report your client?

Join us in this informative session where we discuss the requirements on FICA and POPI, and importantly how they interact and affect one another.

The session will cover the following:

• What constitutes a money laundering offence i.r.o. POCA
• Outline of FICA sections
• Duties of accountable institutions
• Customer due diligence
• POPI requirements when personal information is processed
o Obtaining information and consent
o Processing information
o Informing data subjects of the information being processed
• Reporting to the FIC and sharing information
o Suspicious reports
o Cash reports
o Terrorist property report
o Conveyance of cash
o Examples of when reports should be made
o POPI impact on reporting and sharing
• Reporting requirements under other acts
o Reports on Terrorist activity (POCDATARA)
o Reports on bribery, extortion or fraud (PRECCA)
• Screening of clients
• Compliance officer and information officer
• Enforcement