2.7 Prohibition Against Informing a Client That a Report Has Been Made
A person that made a report or is about to make a report or who knows or suspects that a report was or is to be made, may not disclose the fact that the report was made or the contents of the report to any other person i.e. the client must not be tipped-off. This […]
2.4 Access to Information
An accountable institution must comply with a request by FIC to advice whether- A specified person is or has been a client of the institution. A specified person is acting or has acted on behalf of any client of the institution. A client of the accountable institution is acting or has acted for a specified […]
2.3 Keeping of Records
An accountable institution must keep the following due diligence records: Copies of, or references to, information provided to or obtained by the accountable institution to verify a person’s identity. In the case of a business relationship, reflect the information obtained concerning- The nature of that business relationship or transaction. The intended purpose of the business […]
1.5 Risk-Based Approach
FICA requires accountable institutions to apply a risk-based approach when carrying out client due diligence measures. A. The concept of risk According to international best practice risk rating methodology, risk refers to the likelihood and impact of uncertain events on set objectives. The impact can be either a positive or negative deviation from what is […]
1.4 Registration by Institutions
Every accountable institution and every reporting institution must, within the prescribed period and in the prescribed manner, register with FIC, accompanied by such particulars as FIC may require. A registered accountable institution or reporting institution must notify FIC, in writing, of any changes to the particulars furnished within 90 days after such a change. FIC […]
1.3 Definitions
A client may be regarded as anyone who uses the services of an accountable institution. Client categories include natural persons, companies, close corporations, trusts and partnerships. A business relationship is an arrangement between a client and an accountable institution for concluding either a single transaction or transactions on a regular basis. Accountable institutions are listed […]
1.2 Abbreviations
• AI: Accountable institutions • CDD: Client due diligence • EDD:Enhanced due diligence • FICA: The Financial Intelligence Centre Act • FIC: The Financial Intelligence Centre • FSP: Financial Services Providers • KYC: Know you client • MLRO: Money Laundering Reporting Officer • ML/TF: Money-laundering / Terrorist Financing • PEP: Political exposed person • RMCP: Risk […]
1.1 Introduction
The purpose of the Financial Intelligence Centre Act (FICA) is to combat money laundering activities and the financing of terrorist and related activities. FICA pursue this objective by establishing the Financial Intelligence Centre (FIC). Furthermore, FICA bestows certain duties on accountable institutions to enable FIC to perform their statutory duties. Money laundering is an activity […]