FIC inspections are conducted by the FSCA on behalf of the FIC. A FIC inspection is an intense and lengthy process requiring proper preparation.
The typical areas that will be covered and that Accountable and Reporting Institutions will need to demonstrate adherence to include: your FIC registration, your governance of anti-money laundering and terrorist financing, your training relating to anti-money laundering and terrorist financing, the thoroughness and effectiveness of your FICA RMCP, your customer due diligence process, your record keeping process, your cash threshold process and reporting processes, your process to deal with terrorist property and financial sanctions, suspicious transaction reports and more.
Maybe you would like to gauge your readiness should you receive a FIC inspection. Attend our FIC Inspection webinar and identify any gaps ahead of time. We will take you through the process and prepare you for the typical questions you will face before, during and after a FIC inspection.
Read more and register for the webinar here.