Having the proper FICA identification and verification processes in place is fundamental in mitigating activities related to money laundering, terrorist financing and tax evasion. Masthead helps independent financial advisors (IFAs) ensure that their business meets the Financial Intelligence Centre’s (FIC) requirements by continually assisting them in reviewing and updating their business processes and documents in accordance with the latest regulations.
Our team of experienced professionals are knowledgeable in the FIC Act and have experience in implementing FIC requirements in businesses to ensure FICA compliance for our clients.
Here are some of the ways we assist our clients in ensuring that they are FICA compliant:
Contact us to learn more about FICA monitoring and how we can help to ensure that your business has the proper FICA verification systems in place.
FICA requires all Accountable Institutions to apply a risk-based approach to identify, assess and understand its money laundering & terrorist financing risks in respect of the products and services it offers to clients, and develop control measures to manage and mitigate the identified risks. Where there are higher risks, to apply additional measures to manage and mitigate these risks.
Accountable Institutions should also provide ongoing FICA training to their current and new employees on a regular basis, and to ascertain the level of understanding after the training, and to provide evidence of the training.
Accountable and Reporting Institutions are subject to inspection to assess their level of compliance with FICA. FIC inspections for IFAs are conducted by the FSCA on behalf of the FIC. A FIC inspection covers many areas in a business, is an intense and lengthy process requiring proper preparation.