FIC Compliance For Accountable Institutions
Presenters : Mél Wolmarans
Overview
The Financial Intelligence Centre Act (FIC Act) places significant compliance responsibilities on Accountable Institutions, making it essential for accountants, auditors and bookkeepers to understand their obligations and implement effective compliance measures. Failure to comply can result in administrative sanctions, financial penalties, reputational damage and, in certain circumstances, criminal prosecution.
This practical webinar provides delegates with a comprehensive understanding of the complete FIC compliance journey, from determining whether an organisation qualifies as an Accountable Institution to implementing a Risk and Compliance Management Programme (RMCP), conducting Customer Due Diligence (CDD), identifying Ultimate Beneficial Ownership (UBO), performing sanctions screening, fulfilling regulatory reporting obligations and maintaining ongoing compliance. Practical guidance, best practices and common compliance pitfalls will also be discussed to help delegates confidently apply the FIC Act within their firms and when assisting clients.
Join Mél Wolmarans as she provides practical guidance on implementing the Financial Intelligence Centre Act (FIC Act), developing effective compliance processes and managing ongoing regulatory obligations to ensure firms remain compliant while confidently supporting clients with their FIC requirements.
Learning objectives
Attending this webinar will equip you with the following skills:
-
Understand the legislative requirements of the Financial Intelligence Centre Act (FIC Act) and determine whether your organisation qualifies as an Accountable Institution.
-
Develop and implement an effective Risk and Compliance Management Programme (RMCP) using a practical risk-based approach.
-
Apply Customer Due Diligence (CDD) procedures, including client verification, Ultimate Beneficial Ownership (UBO) identification and ongoing due diligence.
-
Conduct risk assessments, perform Targeted Financial Sanctions (TFS) screening and meet regulatory reporting obligations.
-
Implement practical FIC compliance measures within your firm while avoiding common compliance pitfalls and preparing for regulatory inspections.
Content
The webinar will cover the following topics:
- Introduction to the Financial Intelligence Centre Act (FIC Act)
- Purpose and objectives of the FIC Act
- Accountable Institutions
- Legislative compliance obligations
- Regulatory framework and responsibilities
- Registration and the Risk and Compliance Management Programme (RMCP)
- FIC registration requirements
- Compliance Officer responsibilities
- Developing and implementing an effective RMCP
- Customer Due Diligence (CDD)
- Client identification and verification
- Ultimate Beneficial Ownership (UBO)
- Ongoing due diligence procedures
- Risk-Based Compliance
- Conducting risk assessments
- Targeted Financial Sanctions (TFS) screening
- Politically Exposed Persons (PEPs) and Prominent Influential Persons (PIPs)
- Regulatory Reporting
- Risk and Compliance Returns (RCRs)
- Suspicious Transaction Reports (STRs)
- Cash Threshold Reports (CTRs)
- Record-keeping requirements
- Practical Implementation
- Practical compliance workflow
- Common compliance challenges
- Best practices for accountants, auditors and bookkeepers
