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FICA compliance for legal practitioners

As a legal practitioner, you are an Accountable Institution in terms of the Financial Intelligence Centre Act (FICA) and hence required to comply with various requirements to assist in the fight against money laundering and terrorist financing. The range and type of services that legal practitioners offer makes this sector particularly vulnerable to being targeted by criminals for financial abuse. These services include, inter alia, dealing with cash transactions, facilitating property purchases and sales, as well as the creation of companies and trusts. By being aware of and understanding your FICA obligations, you will be able to not only comply with your FICA requirements but also disrupt crime and safeguard your business from falling prey to financial crime.

FICA significantly influences how you conduct business. Accountable Institutions need to follow a risk-based approach with regard to money laundering and terrorist financing risks, rather than a rules-based approach. You need to understand and obtain information on business relationships, conduct ongoing due diligence with clients, comply with various reporting requirements, etc.

Over the years, we have provided FICA compliance assistance to hundreds of Accountable Institutions, including legal practitioners. We achieve this through offering services to assist with and that are related to your FICA Risk Management and Compliance Programme (RMCP), FIC inspections, FICA training and our value-adding FIC Act DIY Toolkit.  

Find out how we can help your legal practice with FICA compliance. 

RMCP implementation in your legal practice

We can help you customise and implement a FICA RMCP in your business. Our professionals have in-depth knowledge of FICA and are experienced in implementing FICA requirements in legal businesses. We can also guide you through the elements that need to be included in your FICA RMCP.

Preparation for FIC inspections

In our experience we have seen that FIC inspections can be intense and lengthy processes. We can assist you to prepare for these inspections and are ready to provide onsite support during inspections. Our FICA Inspection Webinar can also help you to gauge your readiness for a FICA inspection and remedy any gaps. It will take you through the process and prepare you for the questions asked before, during and after an inspection.  

FICA and AML Online Course for Legal Practitioners 

Our FICA training will ensure your employees understand their responsibilities in terms of the FIC Act. We offer a FICA online course through our Learning Centre, which will assist Legal Practitioners by acquainting you with the various requirements applicable to Accountable Institutions and how to comply with these requirements. The course may also be used to comply with the requirement to provide ongoing training to employees on the FIC Act.

FIC Act DIY Toolkit

Our FIC Act DIY Toolkit for Legal Practitioners is designed to support legal practitioners with their FICA compliance processes. Toolkits offer great value. They are equipped with a FIC Act Guideline, RCMP Workbook with editable questionnaires, checklists, documentation and templates, and access to our FICA Online Course for Legal Practitioners. Our Toolkit will empower you with the knowledge to review, develop and align your FICA processes with the Act’s requirements. You will also be guided to take practical steps to implement the requirements on your own.

Client feedback on our FIC Act compliance services

“We did not know where to start with developing and implementing our customised RMCP. I am thrilled that Masthead stepped in and managed the whole process. The implementation was done meticulously and I am now confident that my RMCP complies and my staff are properly trained. Getting Masthead to help us was the best decision.”

– Nico Zandberg | Engelsman Magabane Inc.

Any questions?

If you have any FICA-related questions or would like us to assist your business with FICA compliance, preparation for FIC inspections or FICA training, please contact us.

MASTHEAD IS

A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.

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