FICA

The .... is responsible for reporting suspicious and unusual transactions and cash transactions exceeding the prescribed limit to the FIC.

A person found guilty of tipping-off could face a fine of up to R1 000.

Information regarding money laundering activities is received, stored and handed over to the appropriate authorities for further disposal.

The main objective of FICA is to professionalise the financial services industry.

Identification of clients and verification of information is Not a FICA obligation.

Employees shall prove, by answering a number of questions correctly that they are capable to comply with the provisions of FICA applicable to them.

Records of clients must be kept for a period of 15 years.

Loans against policies/products shortly after purchasing it is an example of a suspicious transaction.

The ... has the responsibility to ensure compliance by the employees of the accountable institution with the provisions of FICA and the internal rules applicable to them.

A person found guilty of tipping-off could face 5 years imprisonment.

FICA makes tipping-off an offence.

If another person is acting on behalf of a client, record must be kept of the identity of that other person.

FICA imposes certain duties on institutions and other persons who might be targeted for money laundering purposes.

FIC stands for Financial Intelligence Centre.

Record keeping is a FICA Obligation

The principal objective of the FIC is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities.

Transaction involving large cash amounts is an example of suspicious a transaction.

FICA stands for Financial Intelligence Centre

Nurses are held accountable to the FIC for the fulfilment of specific duties in terms of FICA.

FICA requires all registered Reps to meet the Fit and Proper requirements.