Accountants are accountable institutions per FIC – Practically what does this mean?
CPD Hours: 1
Price: Complimentary
Accountants are accountable institutions per FIC – Practically what does this mean?
Presenters : Caryn Maitland CA(SA)
Overview
Money laundering and corruption are financial diseases that are ravaging our economy, and accounting professionals are well-positioned to combat the scourge. The Financial Intelligence Centre has recognised that professional accountants are at the coal face with business, and have recruited our position in business to be their eyes and ears.
In a recent amendment, the Financial Intelligence Centre Act (FICA) elevated the accounting profession to "accountable institutions". This change in legislation brings with it many compliance and risk complications that need to be unpacked. This amendment will also go a long way to solve South Africa’s greylisting issue by the Financial Action Task Force (FATF).
Learning objectives
By attending this webinar you will gain the following competencies:
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Understand what an accountable institution is in terms of FICA.
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Knowledge of who qualifies as accountable institutions according to FICA’s Schedule 1.
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Have an understanding of compliance implications of being an accountable institution, from registering, to reporting and managing your risk.
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Be aware of the accounting practitioner's reporting obligations under anti-money laundering laws.
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Have an understanding of the consequences of not registering as an Accountable Institution.
Content
The webinar will cover the following topics:
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What is money laundering?
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Registration requirements under FICA.
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Reporting obligations in terms of FICA.
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Compliance requirements of being an Accountable Institution:
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Knowing your client and risk management.
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Appointing a compliance officer.
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Training your staff.
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Penalties and fines for non-compliance.
