FICA
Introduction
Holistic Compliance offers services to all Accountable and Reporting Institutions including FICA training for your employees, and the implementation of FICA requirements in your business.
What is FICA?
FICA is an abbreviation for the Financial Intelligence Centre Act 38 of 2001 (as amended) which was instituted to fight financial crime such as money laundering, fraud, tax evasion, terrorist financing activities and identity theft.
The purpose of FICA and why it is necessary
FICA is a legal framework which exists to help identify the proceeds of unlawful activities and to combat activities related to money laundering, terrorist funding and tax evasion. Various control measures within FICA aim to ensure the detection and investigation of money laundering.
Key control measures in FICA require that:
- Accountable Institutions must adopt a Risk Based Approach
- Customer Due Diligence and the responsibility on Accountable Institutions to know who they are doing business with must be conducted.
- Record-keeping
- Accountable Institutions must do sanctions screening and in certain circumstances will be required to report to the FIC.
- A Risk Management and Compliance Programme (“RMCP”) that comprises of policy documents, procedures, systems and controls must be developed, documented, maintained, and implemented by Accountable Institutions.
- The responsibility for FICA compliance lies with Directors in the case of a legal entity or senior management.
Who does FICA apply to?
Financial services providers (FSP’S), attorneys, trustees and executors, estate agents, motor dealers, investment management companies, bankers and Accountable and Reporting Institutions as defined in schedule 1 of the Act.
HCMS can assist you with:
Costing
HCMS Clients – Free (contact us for your free account)
Non Client – R95.00 per person
Click here to do an assessment.
REGULATORY EXAMS: TRAINING
This is conducted on a face-to-face seminar basis and is designed to help you prepare for writing your RE 1 and RE 5 Regulatory Exams.
The presentation can also be arranged on a virtual basis.
POPIA TRAINING
The presentation will provide you with an overview of the POPI Act, the impact it will have on various areas and key people in the business, and clear steps on how to become POPI compliant. It will also help you understand the purpose of the Act, the importance of compliance and the consequences of non-compliance.
Information officer registration guidelines.
Cost based on Entity need.
FSCA LICENSING & PROFILE CHANGES
We will assist and guide you through the registration and application process and do follow up with the FSCA on progress.
On existing licenses, we assist with profile changes.
COMPLIANCE & MONITORING FSP’S
- Services queries including assisting with understanding requirements requested by the FSCA
- Quarterly reports
- Annual report to FSCA
- Guidance on uploading of annual Financial Statements
- Guidance on CPD and class of Business requirements
COMPLIANCE MONITORING SERVICE FOR CREDIT PROVIDERS
- Conducting of regular assessments and reports
- Recommendations and remedial actions where applicable
- Guidance to the Credit Provider with the completion of the compliance report for submission to the NCR
- Providing updates to the provider
SUPERVISORY SERVICE MONITORING
Assist in drafting supervisory plans to monitor supervisee and roles and responsibilities of the respective parties.
TREATING CUSTOMERS FAIRLY (TCF)
Treating Customers Fairly (TCF) is an outcomes based regulatory and supervisory approach designed to ensure that specific, clearly articulated fairness outcomes for financial services consumers are delivered by regulated financial firms.
The six outcomes of TCF are.
- Culture and Governance. Clients are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture
- Product Design
- Clear Communication
- Suitable Advice
- Performance and Standards
- Claims, Complaints and Changes
We will assist you in the application of these principles in your practice.
WORK PLACE SKILLS PLAN
A Skills Development Levy (SDL) is a levy imposed to encourage learning and development in South Africa and is determined by an employer’s salary bill. The funds are paid to the South African Revenue Services (SARS) and are to be used to develop and improve skills of employees.
FSP’S could benefit from bursaries and learnerships and internships for employees by participating.
SUCCESSION PLANNING
- Guidance and implications
- Assist with Sale of Practice