This short online course introduces the Financial Intelligence Centre Act (FICA) in South Africa, focusing on its significance in combating money laundering and terrorism financing. It covers the need for such legislation, defines key concepts, and distinguishes between money laundering and terrorism financing. The course outlines accountable institutions, explores high-risk financial products, and details indicators of suspicious transactions. Additionally, it briefly touches on other relevant South African acts. The conclusion highlights the seven pillars of FICA, emphasizing requirements like client identification, record keeping, reporting, and the consequences of non-compliance.

What you will learn:

At the end of this course, the learner should be able to:

• Describe the reasons South Africa is required to have legislation that regulates the prevention of money laundering and the financing of terrorist activities.
• Define and discuss the differences between money laundering, financing of terrorism and related activities.
• Explain the process used to launder money or finance terrorism.
• Determine if an organisation is an accountable institution.
• Identify and discuss high-risk products.
• Discuss the indicators of suspicious transactions.
• List and discuss the different South African Acts that deal with money laundering and the financing of terrorism and related activities.
• List the seven pillars of FICA.
• Describe the requirements for client identification and verification, record keeping and reporting under FICA.
• Discuss the sanctions for non-compliance to FICA regulations.

Course Content:

• Introduction to FICA
• Money Laundering and Terrorist Financing
• The Seven (7) Pillars of FICA

Who Should Attend:

All employees working within an accountable and/or reporting institution.

Entry Requirements:

There are no entry requirements for this course.

Course Structure:

This course is available in an online learning format and includes learning activities, videos and quizzes.

Assessments:

Learners will need to complete the online quiz for this course.

Accreditation:

This course is not accredited.

Certification:

 A Certificate of Successful Completion will be issued upon completion of the course.

Duration:

1 - 2 hours