2024 FIC Act booklet

2024 FIC Act booklet

• 04 June 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

This handy booklet contains detail on the following 4 Acts:

1. The Financial Intelligence Centre Act (FICA)
2. Money Laundering and Terrorist Financing (ML & TF) Control Regulations
3. Prevention of Organised Crime Act (POCA)
4. Protection of Constitutional Democracy Against Terrorist and Related Activities Act (POCDATARA)

Click here to download the Booklet:

https://www.fic.gov.za/wp-content/uploads/2024/05/2024.3-GN-FIC-Act-booklet.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• FICA, POCA, POCDATARA and the ML & TF Regulations are pieces of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor and independent reviewer, you need to consider amendments, regulations, guidance and directives that are gazetted relating to FICA and accountable institutions, to ensure that your clients (or even your own practice) comply with their reporting obligations.

Relevance to Your Clients:

• Relevant entities (specifically accountable institutions) have a duty to comply with FICA and other anti-money laundering legislation, otherwise they could be held liable.
• Relevant entities should be aware of amendments, regulations, guidance and directives that are gazetted relating to FIC and accountable institutions, to ensure that they comply with their reporting obligations.

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