Financial Intelligence Centre Amendment Act (FICAA)
CPD Accreditation detail
CPD Accreditation Body/Professional Body: IOBSA
CPD Hours (online learning): 4 CPD hours
CPD registration number: IOB140
Learners will gain sufficient knowledge and understanding of the Financial Intelligence Centre Amendment Act (FICAA) and how to implement it in the financial services industry.
The following topics are covered:
- Describe the reasons South Africa is required to have legislation that regulates the prevention of money laundering and the financing of terrorist and related activities.
- Define what is money laundering.
- Define what is the financing of terrorism and related activities.
- Discuss the differences between money laundering and the financing of terrorism.
- Explain the process used to launder money or finance terrorism.
- Determine if an organisation is an accountable institution.
- Describe which insurance products are considered high-risk.
- Discuss indicators of a suspicious insurance transaction.
- Describe various money laundering typologies.
- List the three South African Acts that deal with money laundering and the financing of terrorism and related activities.
- Describe the purpose of each of the Acts.
- List the penalties associated with each of the Acts.
- List the seven pillars of FICAA.
- Describe the requirements for client identification and verification.
- List the requirements for record keeping.
- Describe the requirements for reporting to the FIC.
- Discuss the sanctions for non-compliance to FICAA regulations.