The Financial Intelligence Centre (the FIC), established by the Financial Intelligence Centre Act, 38 of 2001 (the FIC Act), is the national point for the gathering, analysis and dissemination of financial intelligence. The FIC identifies the proceeds of crime and combats both money laundering and the financing of terrorism with its primary role being to protect the integrity of the South African financial system.
The Estate Agency Affairs Board to assist stakeholders (namely Principal estate agents and their respective Compliance Officers) has compiled a video clip of the Financial Intelligence Centre Amendment Act which comprises the following information:
The video clip incorporates discharging the important anti-money laundering and terrorist financing legislative mandate and ensuring that the South African financial system is as transparent as possible. This requires creating the required level of transparency, and implementing the risk-based approach. It also covers the seven pillars of compliance, the concept of money laundering, how to undertake a risk-rating assessment, the development of a risk management framework i.e. The Risk Management and Compliance Programme (RMCP), the requirements of the RMCP that is commensurate with the size, complexity and the nature of the enterprise.
The video clip also assists with the reporting suspicious or unusual transactions to the FIC, how to submit multiple reports to the FIC, cash threshold reporting, and suspicious activity reports, terrorist financing activity reports and transaction reports.
It is hoped that our stakeholders will find this video clip informative and a useful guide.
Estate Agency Affairs Board
17 April 2019