14 Vermooten Street

Brackenhurst Alberton

[email protected]

Dedicated Support

Mo. to Fr.

08h30 to 16h00

2.1 Introduction

The accountability and responsibility for the effective management of anti-money laundering procedures lies with the key individual and may be delegated to responsible employees.

4.2 Penalties

In terms of FICA, two maximum penalties can be rewarded for the different offences: Maximum penalty of R100 million- or 15-years’ imprisonment can be awarded for the following: Destroying or tampering with records. Failure to give assistance to representative of FIC. Contravention of prohibitions relating to persons and entities identified by Security Council of United […]

4.1 Introduction

FIC or a supervisory body may impose an administrative sanction on any accountable institution, reporting institution or other person to whom FICA applies when satisfied on available facts and information that the institution or person: Has failed to comply with a provision of FICA or any order, determination or directive made in terms of FICA. […]

3.4 Training and Monitoring of Compliance

An accountable institution must provide training to its employees to enable them to comply with the provision of the Financial Intelligence Centre Act (FICA) and the Risk management plan and compliance program. The accountable institution must also appoint a person with the responsibility to ensure compliance by employees with FICA and the internal rules as […]

3.3 Governance of Anti-Money Laundering Terrorist Financing Compliance

The board of directors of an accountable institution which is a legal person with a board of directors, or the senior management of an accountable institution without a board of directors, must ensure compliance by the accountable institution and its employees with the provisions of this Act and its Risk Management and Compliance Programme. An […]

3.2 Risk Management Plan and Compliance Program

An accountable institution must develop, document, maintain and implement a risk management plan and compliance program that provides for the following: The establishment and verification of identities. The information that must be recorded and kept. The manner and place in which such records must be kept. The steps to be taken to determine when a […]

3.1 Introduction

The Financial Intelligence Centre Act (FICA) requires accountable institutions to develop, document, maintain and implement a risk management plan and compliance program as well as provide staff with training to promote compliance with regards to duties imposed by FICA.

2.6 Notification of Persons and Entities Identified by Security Council of the United Nations

A. Introduction FICA places the responsibility to administer the targeted financial sanctions (TFS) measures adopted by the United Nations Security Council (UNSC) in its Resolutions on the Financial Intelligence Centre (FIC). Member countries are required to implement the targeted financial sanctions proposed by the UNSC in the context of combating the financing of the proliferation […]

2.5 Reporting Certain Business Transaction and Suspicious Activities

FICA imposes a duty on the FSP to report the following transactions: Cash transactions of more than R24 999.999 or an aggregate of smaller amounts which combine come to exceed this amount paid by the accountable institution or reporting institution to the client or a person on behalf of the client or received by the accountable […]

2.2 Customer Due Diligence

FICA impose certain duties on accountable institutions regarding keeping record of business relationships and transactions. These duties become the duty of a representative associated with an FSP. FICA stipulates that an accountable institution may not establish a business relationship or conclude a transaction with a client unless the accountable institution has taken the prescribed steps. […]