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WCourse Overview

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FICA

BAS

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2 Course Overview | FICA Basic | onlineacademy.co.za

CERTIFICATE IN

FICA BASIC

The Financial Intelligence Centre Act 38 of 2001 (FICA) has recently been amended by the FICA Act 1 of 2017 (the “Amendment Act”) which has resulted in an amended legal landscape regarding FICA compliance. In this course, the legal position regarding FICA compliance as including the Amendment Act provisions will be discussed in order to inform accountable institutions of the legal compliance considerations regarding FICA.

WHAT YOU WILL LEARN:

0102

Financial Intelligence Centre Act Overview

The Pillars of FICA Compliance: Pillar 01

0304

The Pillars of FICA Compliance: Pillars 02 - 03

The Pillars of FICA Compliance: Pillars 04 - 07

Course Overview | FICA Basic | onlineacademy.co.za 3

COURSE DURATION

HOUR MODULES

MODULES

HOURSThe phrase ‘soft skills’ is often used to describe the skills which characterise relationships and other people, or how you approach interactions.

For many people, the so-called soft skills are often some of the most difficult skills to develop. Job-related expertise (hard skills) are essential in any profession. However, over the last 10 years, understanding has grown that perhaps soft skills may ultimately be more important in determining levels of success.

Hard skills are a basic minimum necessity in order to operate in a particular workplace. Whether or not you are successful in your career may depend on how developed your soft skills are.

“

”

144Please take note that these hours are only estimated times.

Our online courses and workshop training for continuing professional development, written by professionals for professionals and involving thoughtful online interaction with your peers, go a long way towards resolving issues and managing compliance.

The most significant advantage of self-study is the independence it offers. Studying alone allows delegates to concentrate and focus on their studies at their highest level.

4 Course Overview | FICA Basic | onlineacademy.co.za

FICA BASIC

WHAT YOU WILL LEARN

• Understand what the Financial Intelligence Centre Act 38 of 2001 (FICA) together with its

amendments are, as well as its purpose.

• Understand who must comply with FICA.

• Identify the role players in terms of FICA and understand their status.

• Understand Pillar 01: Establishment and verifi cation of the identity of clients.

• Defi ne “Client Due Diligence” (CDD).

• Understand the requirements for a Risk-based Approach.

• Identify documentation to establish and verify client identities.

• Understand record keeping for business relationships.

• Explain third party record keeping.

• Discuss cash transactions above the threshold amount.

• Identify suspicious and unusual transaction reporting.

• Defi ne terrorist property and transaction reporting.

• Understand risk management.

• Explain a Compliance Programme.

• Discuss the training of employees.

• Describe the governance of FICA compliance.

• Understand registration with the Financial Intelligence Centre.

• Know the consequences for failure to comply with FICA.

Course Overview | FICA Basic | onlineacademy.co.za 5

WHO SHOULD DO THISCOURSE?

• Workers working in an industry where there is a responsibility to verify the source of funds under money laundering legislation.

• Employees of accountable institutions required to do client identifi cation.

• Employees employed by accountants, attorneys, banks, investment and insurance institutions.

This short course is designed for the following audience:

For this short course, it is advisable that you have the following experience/knowledge:

• Extensive knowledge on the subject.

• Learners with 5-10 years’ workplace experience.

• Fully competent professionals.

6 Course Overview | FICA Basic | onlineacademy.co.za

WHAT YOU WILL LEARNF I C A B A S I C

01FINANCIAL INTELLIGENCE CENTRE ACT OVERVIEW

FICA was enacted with the purpose of achieving the following primary objectives: identifying the proceeds of unlawful activi-ties, combating money laundering activities, and combating the fi nancing of terrorist and related activities. All persons, businesses entities and institutions classifi ed as an “accountable institution” that concludes a business relationship or a single transaction with a client, is obliged to comply with FICA.

03THE PILLARS OF FICA COMPLIANCE: PILLARS 02-03

Pillar 02 refers to the duty to keep records; records of all transactions, including all single transactions and all transactions conducted during the course of a business relationship, must be kept for a period of at least fi ve years. Pillar 03 refers to reporting duties; in terms of FICA, accountable insti-tutions are obliged to deliver certain reports to the Financial Intelligence Centre in certain circumstances.

02THE PILLARS OF FICA COMPLIANCE: PILLAR 01

Pillar 01 refers to the establishment and ver-ifi cation of the identity of clients. Under the Amendment Act, accountable institutions will now be obliged to follow a risk-based approach in conducting their client due dil-igence (CDD) processes, thereby making a risk-based approach mandatory. Account-able institutions must in accordance with their Risk Management and Compliance Programme conduct ongoing CDD.

04THE PILLARS OF FICA COMPLIANCE: PILLARS 04-07

Pillar 04 refers to the Risk Management and Compliance Programme which accountable institutions should incorporate into their company to govern FICA compliance. Pillar 05 refers to the training of employees which should be comprehensive and ongoing. Pil-lar 06 refers to the governance of FICA com-pliance. Pillar 07 refers to the registration of accountable institutions with the Financial Intelligence Centre.

Course Overview | FICA Basic | onlineacademy.co.za 7

THE BENEFITS OF

ONLINE SKILLS DEVELOPMENT

Forget about attending classes for hours, sitting in an uncomfortable chair, and suffering from back pain by the end of the day. You will not be bound to physical class sessions when you opt for online education. All learning materials are provided online, so you’ll easily access them from the comfort of your office or home.

COMFORT

A self-paced system enables learners to make progress with a rhythm that suits them. This does not require attending live sessions; you can access the materials at any time that works for you. If you have to work or take care of your home and children during the day, you can study at night. That’s an advantage the traditional educational system cannot beat.

SELF-PACED LEARNING

The fact that online programs are cheaper when compared to the ones held in a traditional campus setting is enough to convince you to consider them. The average tuition for online courses depends on multiple factors, so it varies from one program to another. Note, free courses don’t usually come with a certificate of completion.

LOWER COSTS

It doesn’t matter where your career stands at this moment; completed programs will always look good on your résumé. It will show potential employers that you’re committed to learning and that you’re eager to obtain more knowledge and new skills. You will certainly become a better candidate for a job promotion.

IMPRESSIVE RÉSUMÉ

8 Course Overview | FICA Basic | onlineacademy.co.za

Course level: 04Study fi eld: ComplianceCourse cost: R1250.00 incl. VAT

Course level: 04Study fi eld: ComplianceCourse cost: R1250.00 incl. VAT

AVAILABLE NOW AVAILABLE NOW

Have you considered asking your boss to pay? Currently, over a quarter of our learners report that their employer has paid for their course.

Look at our Corporate Package that offers access to ALL OUR COURSES at a fraction of the individual price. Visit www.onlineacademy.co.za to fi nd out more or contact us at info@onlineacademy.co.za

R1250.00 including VAT

Pay less with the corporate solution

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