FICA: Risk Management and Compliance Toolkit for High-Value Goods Dealers
Overview
Amendments to the Financial Intelligence Centre Act (FICA) came into effect on 31 December 2022
It’s important to note that the enhanced compliance requirements occasioned by these amendments apply to a wider range of commercial activities. This is because amendments to Schedule 1 of the FICA mean more individuals and businesses have, by definition, become accountable institutions.
In addition to registering with the FIC, accountable institutions are required to fulfil certain regulatory obligations, such as:
- Implementing customer identification and verification processes;
- Conducting customer due diligence;
- Appointing a compliance officer;
- Training employees on FICA compliance;
- Undertaking business risk assessments; and
- Maintaining and implementing a risk management and compliance program.
This HUB includes all the necessary policies and procedures that High Value Goods Dealers Practitioners may need in order to comply, as well as the necessary annexures to assist with the successful implementation of the Risk Management and Compliance Programme.
Preface and Disclaimer
The Acts and Regulations and Abbreviations
Definitions
Why is our agency an accountable institution?
Scope and purpose of the Risk Management and Compliance Hub (RMCH)
Risk Management Compliance Governance
Appointment and responsibility of the Compliance/Reporting Officer
Registering with the Financial Intelligence Centre (FIC)
Control measures
Customer due diligence and risk assessment
Record keeping
Training relating to anti-money laundering and counter terrorist financing compliance
Screening of employees
Advising the Centre of clients
Obligation to advise the Centre of clients of the business
Targeted financial sanctions aimed at terrorist financing
Scrutinising persons and entities against The Targeted Financial Sanctions List (TFS)
Prohibitions relating to persons and entities identified by Security Council of the United Nations
Applications for Permitted Financial Services
Reporting cash transactions above R 49 999.99
Obligation to report cash transactions above R 49 999.99
Payment or receipt of cash via a third party
Prescribed particulars to be reported to the Centre
Reporting suspicious and unusual transactions
Obligation to report suspicious and unusual transactions
Meaning of suspicion
Types pf reports
Indicators of suspicious and unusual activity
Manner of reporting
Reporting suspicious and unusual transactions
Time period dor submitting a report
Threshold for reporting suspicious and unusual transactions
Prescribed particulars to be reported to the Centre
Continuing with a tranaaction after a report is made to the FIC
Request by the Financial Intelligence Centre to discontinue the transaction
Dealing with further requests for information from the FIC
Reporting by temporary workers
Tipping-off
Confidentialit rules with regards to reporting to the Centre
Defence
Penalty for failure to report suspicious or unusual transactions
Reporting of property associated with terrorist and related activities
aIntroduction
Obligation to report property associated with terrorist and related activities
Freezing of the property and ceasing to conduct business
Manner of reporting to the FIC
Intervention by Centre
Monitoring orders
Failure to file a reporting in terms of Section 28A
Reporting failures and submitting defective reports
Reporting Failure
Defective reports
Report content failure
Reporting fraud or theft under the Prevention and Combatting of Corrupt Activities Act (PRECCA)
Obligation to report
Making a report
Submission of a risk and compliance return to the Financial Intelligence Centre
Obligation to submit a Risk and Compliance return to the Financial Intelligence Centre (FIC)
FICA Training
FICA training for Property Practitioners
Implementation video
Pratical Implementation of the RMCP
Summary of the RMCP
Summary of the RMCP
Annexure List
Annexure List
From the Regulator
Update of the BO registers on the CIPC Website
Directives
