FICA Monitoring for Independent Financial Advisors

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 IFAs to 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.

Here are some of the ways we assist our clients in ensuring that they are FICA compliant:

• We provide FSPs with a FICA Training Manual which they can use to train their representatives and administrative staff on the requirements of FICA.
• We assist with putting procedures in place to ensure that their staff are able to identify suspicious transactions and property associated with terrorist activities and reporting it accordingly.
• We ensure that their FSP is registered as an accountable and/or reporting institution with the FIC on the new goAML system.
• We provide our clients with a comprehensive template of the FICA Internal Rules. FSPs can easily personalise the template according to their business.

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.