As an Accountable Institution, one of the key compliance obligations in terms of the Financial Intelligence Centre Act (FICA), is to perform Customer Due Diligence (CDD) on clients. One of the sub-elements of CDD is what is widely referred to as Know Your Client (KYC) obligations, which is the first process in the due diligence chain.
Recently, KYC/FICA requirements have become even more stringent due to the rise of money laundering and the sophistication with which it is being conducted.
As a financial institution that deals with a lot of complexity, truly knowing your clients can be an intensive task. Therefore it is important to ensure continuous and consistent due diligence to monitor the risk clients pose to your business.
There are several other key requirements that need to be met to be FICA compliant. These include:
- Developing and implementing a Risk Management and Compliance Programme (RMCP)
- Appoint an Anti Money-Laundering (AML) / Combating the Financing of Terrorism (CFT) Compliance Officer
- Reporting suspicious behaviour or transactions
- Ongoing Training
Is your business meeting all these requirements? FICA Compliance experts DocFox has created a handy guide that unpacks these obligations and summarises the FIC Amendment Act. Click the button below to get your copy.
