Subject Title - INSETA

1998) and a health service benefit provided by a medical scheme asdefined in section 1(1) of the Medical Schemes Act, 1998 (Act 131 of1998).13. A person who issues, sells or redeems travellers‟ cheques, moneyorders or similar instruments.14. The Postbank referred to in section 51 of the Postal Services Act,1998 (Act 124 of 1998).15. [deleted by amendment Notice No. 1104 dated 26 November 2010]16. The Ithala Development Finance Corporation Limited.17. [deleted by amendment Notice No. 1104 dated 26 November 2010]18. [deleted by amendment Notice No. 1104 dated 26 November 2010]19. A person who carries on the business of a money remitter.Reporting InstitutionsThe FIC Act also requires „reporting institutions‟ to verify client details andreport suspicious transactions.According to Schedule 3 of the Act, the following are seen as reportinginstitutions:A person who carries on the business of dealing in motor vehiclesA person who carries on the business of dealing in Kruger rands.It is therefore imperative that FSPs have adequate staff training in place andhave proper systems and procedures which assist them in complying with theFAIS Act requirement to comply with the FICA. Banks and insurancecompanies, for instance, are regarded as accountable institutions in terms ofthe FICA.The key individual must also ensure that there are adequate systems in placeto provide for the FICA exemptions.The compliance report requires information relating to an FSPs adherence tothe FAIS General Code with regard to "the necessary policies, procedures andsystems to ensure full compliance with FICA and other applicable anti‐moneylaundering or terrorist financing legislation". This includes client identification,identification and reporting of suspicious transactions and risk-rating ofclients.© INSETA - Section 1 12a 249