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.
For more information on how we can assist you with preparation, contact us.
What a client had to say about our FIC Inspection preparation service
“In April 2020, the FIC conducted an off-site inspection of our FSP’s compliance with the provisions of the FIC Act by means of a desktop inspection questionnaire.
The questionnaire consisted of 79 questions relating to the various sections of the FIC Act. With Masthead’s assistance, we reviewed and responded on the questionnaire based on our FSP’s Risk Management Compliance Program and related procedures.
The FIC issued their final report and found that our FSP is compliant with the relevant sections of the FIC Act and there were no remedial actions that needed to be addressed.
Masthead’s assistance ensured an efficient inspection process and the ongoing assistance during the year led to our FSP being and remaining compliant with the relevant sections of the FIC Act. Thank you Masthead.”
Jo-Anne Swart I Baker Tilly Greenwoods
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.