The purpose of FICA is “to establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist and related activities; to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.”
All firms of attorneys in South Africa,are “accountable institutions” in terms of FICA. FICA contains rigorous requirements with which we are obliged to comply. Our obligations in terms of FICA are as follows:-
- to establish and verify the identity of our clients;
- to keep proper records of business relations and transactions;
- to report receipts of cash above a prescribed amount to the Financial Intelligence Centre;
- to report suspicious transactions to the Financial Intelligence Centre;
- to implement internal rules that are consistent with our obligations under FICA;
- to offer compulsory FICA training to all our employees; and
- to appoint a compliance officer.
We acknowledge and appreciate that the client identification and verification process may not always be convenient, however we cannot establish a business relationship or conclude a transaction with a client (ie act on behalf of a client) unless we have taken the prescribed steps to identify and verify the identity of that client.
Should you have any questions in this regard please feel free to contact us:
Tel (021) 761 6711