FICA for partners and compliance/reporting officers of accounting and auditing firms
In terms of the Financial Intelligence Centre Act (FICA) your firm might be regarded as an Accountable Institution and will then be required to implement certain control measures to prevent and mitigate money laundering.
All firms will be required to develop, implement and maintain a Risk Management Compliance Programme (RMCP).
The duty to implement this programme will rest on the shoulders of the partners and the appointed compliance/reporting officer of the firm.
The purpose of this session is to explain all the requirements of a RMCP.
The session will cover the following:
• What is money laundering
• What constitutes a money laundering offence i.r.o. POCA
• Implementing a Risk Based Approach
• Customer due diligence procedures for natural persons, legal persons, partnerships and trusts
• Scrutinizing clients against the UNCS and Targeted Financial Sanctions Lists (TFS)
• Freezing of assets and implementing financial sanctions when applicable
• Dealing with Domestic and Foreign Politically Exposed Persons (DPEP and FPEP)
• Risk assessment rating for each category
• Making a report to the Financial Intelligence Centre
o Suspicious transaction reporting
o Cash transaction reporting
o Reports on Terrorist activity (POCDATARA)
• Reports on bribery, extortion or fraud (PRECCA)
• Appointment and duties of the compliance/reporting officer
• Training requirements for all employees
• Screening of employees
• Identifying the beneficial owners of legal entities and trusts and the new reporting requirement
• Specific reporting requirements when performing an audit, independent review or tax services
• Effect of confidentiality clauses and client privilege
• Non-compliance and penalties
ProBeta Training envisages:
Being viewed by our clients and staff as the preferred professional practice training provider we can be proud of, providing the best service our field has to offer.
Being the undisputed leader in professional practice support, contributing to the social and economic development and employment in South Africa.
Being defined by high standards of excellence to all stakeholders by providing a flexible and unique approach to training solutions for members of the accounting profession.
Mission Statement
Quality is an integral business aspect of ProBeta Training:
We are committed to provide the highest levels of quality and service to our clients, contributing to the full personal and professional development of members of the accounting profession.
Quality assurance shall be continuously conveyed and demonstrated through effective communication with our clients prior to and post delivery of services rendered so that we may ensure ongoing future relationships.
ProBeta Training is committed to upholding the principles of good assessment underpinning the National Qualification Framework for learner achievements.
Audit and Compliance course is offered by SADI (Southern Africa development Institute). SADI provides extensive and highly focused in-service training. In-service training is the process of staff development.
Principles of Compliance Auditing course is offered by PSAAA (Public Sector Accountancy And Audit Academy). We are an accredited institution, offering training to public sector accounting and auditing professionals.
Compliance & Policies training is offered by Havohej Consultancy. We are registered with Agri Seta, MICTSETA (Media, Information, Communication and Technology SETA), offering a variety of training courses which are SETA accredited.
FREE SAICA / IRBA CPD Reflection Plan Compliance Demonstration - January 2024
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