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FIC: Guidance for Legal Practitioners
- 24 October 2023
- Legal and Compliance
- South African Accounting Academy
Item 1 of Schedule 1 to the FIC Act continues to cover attorneys practising for their own account; and legal firms; and now includes advocates contemplated in section 34(2)(a)(ii) of the LPA that practice with a fidelity fund certificate, that is, those advocates that may deal directly with clients from the public.
This PCC provides an overview (with examples) of certain anti-money laundering, counter-terrorist financing and counter-proliferation financing vulnerabilities legal practitioners face.
The contents of this PCC are:
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Introduction
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Interpretation of a Legal Practitioner
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Registration Obligations in terms of the FIC Act
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Potential Risk Indicators of money laundering, terrorist financing and proliferation financing
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Additional resources
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Communication with FIC
Click here to download the PCC 47A:
https://www.fic.gov.za/Documents/231017%20%20PCC%2047A%20Legal%20practitioners.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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The Financial Intelligence Centre Act (FICA) is yet another piece 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.
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As an auditor and independent reviewer, you need to consider amendments, regulations, guidance and directives that are gazetted relating to FIC and accountable institutions, to ensure that your clients (or even your own practice) comply with their reporting obligations.
Relevance to Your Clients:
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Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise, they could be held liable.
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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.