The primary objective of this course is to assist individuals working in the financial services sector to identify proceeds of unlawful activities and combat money laundering and the financing of terrorist and related activities.
The following topics are covered:
- Financial Intelligence Centre Act (FICA)
- Anti-Money Laundering (AML)
- Countering the Financing of Terrorism (CFT)
- The prevention of Organized Crime Act (POCA)
- The Protection of Constitutional Democracy against Terrorist and Related Activities Act (POCDATARA)
- Risk-Management and Compliance Programmes (RMCP)
- Customer Due Diligence
- Cash Threshold and Suspicious Transaction Reporting
- Terrorist Property Reporting and Record-keeping
Recommended Course Duration: 3 weeks
Number of Lessons: 10
- Lesson: Preparatory
- Lesson 1: Definitions; Origins and Methods
- Lesson 2: AML & CFT Legislation in South Africa
- Lesson 3: Identifying and Verifying Customers
- Lesson 4: The Risk-Based Approach
- Lesson 5: Sanctions and Screening
- Lesson 6: Monitoring & Reporting Requirements
- Lesson 7: Record Keeping
- Lesson 8: Penalties
- Lesson 9: Practical Application
Approximate Number Questions: 179
Why study FICA?
To make it more difficult for criminals to hide their illicit proceeds in the formal financial services sector and to cut off the resources available to those seeking to use terror to promote their cause, it is important to understand and comply with the FIC Act, while effectively implementing the POC Act and the POCDATARA Act.
Who should study FICA?
- People employed by accountable institutions who are involved in the facilitating, processing or overseeing of financial transactions
- Compliance officers
- Individuals involved the business of making available a gambling activity
- Individuals involved the business of dealing in foreign exchange
- Individuals the business of lending money
- Practitioners who practice as defined in section 1 of the Attorneys Act 53 of 1979