Learning Outcomes:
Understand the Purpose and Scope of FICA: Gain a comprehensive understanding of why FICA was implemented and its role in combating money laundering, terrorist financing, and other financial crimes.
Identify Key Responsibilities of Accountable Institutions: Be able to identify which businesses and professionals fall under the category of accountable institutions and understand their legal obligations under FICA.
Master Customer Due Diligence (CDD) Procedures: Learn the essential steps of CDD, including customer identification, verification, and risk assessment, and how to apply enhanced due diligence (EDD) for high-risk clients.
Implement a Risk-Based Approach to Compliance: Understand the risk-based approach to compliance, how to assess risk levels for clients and transactions, and the necessary steps for managing higher-risk activities.
Monitor and Report Suspicious Transactions: Be capable of recognizing suspicious transactions, conducting ongoing transaction monitoring, and submitting the required reports (STRs, CTRs, and TPRs) to the Financial Intelligence Centre (FIC).
Navigate FICA Penalties and Enforcement: Know the consequences of non-compliance, including administrative and criminal penalties, and how to avoid enforcement actions by adhering to FICA's requirements.
Balance FICA and POPIA Compliance: Learn how to handle customer data responsibly, ensuring compliance with both FICA and the Protection of Personal Information Act (POPIA) by maintaining privacy and data security.
Leverage Technology for FICA Compliance: Understand how to use digital identity verification (eKYC), blockchain analytics, and AI-driven transaction monitoring to improve compliance efforts in the digital age.
Understand the Compliance Requirements for Cryptocurrencies: Gain insights into the specific challenges and regulatory requirements for cryptocurrency exchanges, including KYC and reporting obligations under FICA.
Apply Best Practices Across Different Industries: Be able to apply the knowledge gained through practical case studies, learning from industry-specific compliance strategies and challenges in sectors such as banking, real estate, and cryptocurrency.