Masthead offers a wide range of services to all Accountable and Reporting Institutions including FICA training for your employees, hands-on assistance with the implementation of FICA requirements in your business and support services when preparing for a FIC Inspection.
FICA is an abbreviation for the Financial Intelligence Centre Act 38 of 2001 (as amended). The Act was instituted in order to fight financial crime such as money laundering, fraud, tax evasion, terrorist financing activities and identity theft. The Act was amended in 2017 to bring South Africa in line with international standards set by the Financial Action Task Force in combating money laundering and the financing of terrorism.
FICA is a legal framework which exists to help identify the proceeds of unlawful activities and to combat activities related to money laundering, terrorist funding and tax evasion. Various control measures within FICA aim to ensure the detection and investigation of money laundering.
Some of the key control measures in FICA require that:
The Act applies to all Accountable and Reporting Institutions as defined in schedule 1 of the Act must comply with the requirements set out in the Act. Amongst those listed are financial services providers, attorneys, trustees and executors, estate agents, motor dealers, investment management companies, bankers and more.