Subject Title - INSETA

The FICA does not empower the Financial Intelligence Centre (FIC) tosupervise the accountable institutions.The supervisory functions are performed by all supervisory bodies listedunder Schedule 2.Each supervisory body is responsible for enforcing compliance with moneylaundering legislations by the accountable institutions under its regulation orsupervision. Therefore the FSB is responsible for enforcing compliance byauthorised FSPs.The FICA provides for:the establishment and operation of the FIC (Financial IntelligenceCentre) and MLAC (Money Laundering Advisory Council).creation of money laundering control obligations for specific personsand institutions.regulation of access to information.15.2 THE IMPACT OF THE FICA ON FSPsPlease note that we only discuss the most pertinent aspects of the FIC Actand not the full ambit of the Act. You need to ensure that you are familiarwith the general concepts addressed by the FIC Act.The FICA creates four (4) money laundering control obligations for allaccountable institutions as follows:1. Duty to identify and verify clients;2. Duty to keep records of business relationships and transactions;3. Reporting duties and obligations to give and allow access toinformation; and4. Adoption of measures designed to promote compliance byaccountable institutions.In terms of these requirements, an FSP who is an accountable institution asdefined in the FICA, must have in place all the necessary policies, proceduresand systems to ensure full compliance with that Act and other applicableanti-money laundering or terrorist financing legislation.© INSETA - Section 1 12a 247