- How must FICA records be kept?
- Who is an accountable institution in terms of FICA?
- When did FICA become effective?
- What is the maximum penalty for non compliance with FICA?
- What is the objectives of a financial intelligence Centre?
- What does a financial intelligence unit do?
- Why is FICA important?
- What is the monetary threshold that applies to the reporting of suspicious or unusual transactions?
- On which date was the Financial Intelligence Centre Amendment Act published in the Government Gazette?
- When was FICA implemented?
- Why was FICA amended?
- What is Financial Intelligence Act?
- Can the identification records be kept by a third party?
How must FICA records be kept?
Section 23 of the FIC Act is clear on the point that these records should be kept.
The records must be kept for at least five years from the date on which the business relationship was terminated or at least five years from the date that a transaction was concluded..
Who is an accountable institution in terms of FICA?
An ‘accountable institution’ is any person defined in schedule 1 of the Act. Amongst those listed include attorneys, trustees and executors, estate agents, financial instrument trade and stock brokers, management companies, bankers and those involved in the remittance of currency, but this is not a closed list.
When did FICA become effective?
1 July 2003The Financial Intelligence Centre Act 38 of 2001 (FICA) came into effect on 1 July 2003. FICA was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.
What is the maximum penalty for non compliance with FICA?
The maximum penalty for these offences are 15 years or a fine not exceeding R100 million. There are also certain lesser offences that carry penalties of maximum sentences of five years or a fine not exceeding R million.
What is the objectives of a financial intelligence Centre?
The Purpose of the Financial Intelligence Centre Act is to: assist in the identification of the proceeds of unlawful activities; combat money laundering; and combat the financing of terrorist and related activities.
What does a financial intelligence unit do?
According to the Egmont Group of Financial Intelligence Units, financial intelligence units (FIUs) are national centres which collect information on suspicious or unusual financial activity from the financial industry and other entities or professions required to report suspicious transactions, suspected of being money …
Why is FICA important?
The primary purpose of FICA is to protect companies and individuals by eliminating the possibility of money laundering from a transaction. The property industry creates various possibilities for such illegal activity, and therefore estate agencies are required to obtain documentation as set out in the act.
What is the monetary threshold that applies to the reporting of suspicious or unusual transactions?
There is no monetary threshold applicable to STRs. A suspicious transaction must, accordingly, be reported regardless of the amount of the transaction.
On which date was the Financial Intelligence Centre Amendment Act published in the Government Gazette?
2 May 2017The Financial Intelligence Centre Amendment Act 1 of 2017 (the Amendment Act), was published in Government Gazette 40821 of 2 May 2017.
When was FICA implemented?
2001FICA had been passed in 2001. It created an environment to combat the practice of money laundering.
Why was FICA amended?
38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.
What is Financial Intelligence Act?
The Financial Intelligence Centre Act is South Africa’s primary anti-money laundering and counter-terrorism financing legislation. … The FIC also has the mandate to supervise financial institutions, promote compliance with the law, identify proceeds of crime, and combat money laundering and terrorism financing.
Can the identification records be kept by a third party?
5.1 The identification and verification of the identity of clients and record keeping activities may be outsourced to third parties, but the accountable institution remains liable for any compliance failures.