FSP Licensing Application: Topic 1
Overview of the Compliance Function The compliance function includes the people and processes within a business that ensure the FSP adheres to required standards and responsibilities. Role of Key Individual: Establishes and maintains the compliance function. Role of Compliance Officer: Oversees the compliance function to ensure adherence to regulatory standards. FSP Responsibility: Must provide the […]
Financial Intelligence Centre Act Topic 2
Risk Management Plan and Compliance Program (RMCP) Introduction Risk-Based Approach: Recent amendments to FICA emphasize a risk-based approach to compliance. Institutions must assess and mitigate AML and CTF risks based on their specific business contexts and client profiles. Comprehensive Plan: Accountable institutions must develop, document, maintain, and implement a risk management plan and compliance program […]
Financial Intelligence Centre Act: Key Notes
Key points Central Legislation: FICA combats money laundering and terrorism financing, supported by PoCA, PreCCA, and PoCDATARA. Financial Intelligence Centre (FIC): Collects evidence from accountable institutions to aid legal prosecutions. Prevention of Organised Crime Act (PoCA): Criminalizes money laundering and allows for civil forfeiture of illegal property. Prevention and Combating of Corrupt Activities Act (PreCCA): […]
Financial Intelligence Centre Act Topic 1
Anti-Money Laundering Landscape South Africa has implemented a robust framework to combat money laundering and related criminal activities. Central to this framework is the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre Act (FICA) combats money laundering and the financing of terrorism. It establishes the Financial Intelligence Centre (FIC) and assigns responsibilities to accountable […]
General Code of Conduct: Complaints Duty Key Notes
Key points Client Query: Request for information or action related to FSP’s financial services. Complainant: Any person directly affected by or dissatisfied with the FSP’s services or actions. Complaint: Expression of dissatisfaction alleging non-compliance, maladministration, or unfair treatment. Compensation Payment: Payment for financial loss due to FSP’s fault, excluding goodwill or contractual payments. Goodwill Payment: […]
General Code of Conduct: Complaints Duty
Applicable Definitions Client Query A request from a client to the FSP or its service provider for information about the FSP’s financial services or related processes, or to carry out a transaction or action related to any policy or service. Complainant A person who submits a complaint, including: A client. A person nominated to receive […]
General Code of Conduct: Advertising Duty Key Notes
Key points Advertisement Definition: Any communication aiming to create public interest in a provider’s services or products and persuade transactions, without providing detailed product information. General Principles for Advertising: Approval Processes | Consistency Check | Objective Review Third-Party Production: Ensure third-party advertisements comply with regulations; correct any inconsistencies promptly. Factually Correct: Disclose sources, dates, and […]
General Code of Conduct: Advertising Duty Topic 1
pplication The advertising regulations apply to both clients and the general public. These principles, requirements, and standards apply to all types of media. Definition of Advertisement An advertisement is any communication published through any medium and in any form. It aims to create public interest in the business, financial services, financial products, or related services […]
General Code of Conduct: -FSP Duties Topic 1
Custody of Funds Duty Some intermediary FSPs hold money on behalf of clients to pay premiums to the product supplier or make investments. This practice is known as custody of funds. Key Procedures: Issuance of Receipt: If an FSP receives funds directly (not through a bank), they must immediately issue a written receipt to the […]
General Code of Conduct: FSP Duties Key Notes
2 Key points