Subject Title - INSETA

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In an FSB FAIS Newsletter, the FSB suggested the following measures topromote compliance with the FICA requirements. 161Formulation and implementation of internal rulesSection 42 of the FICA requires accountable institutions to formulate andimplement internal rules concerning:client identification and verification record-keepingsteps taken to determine and report such other matters as may besuspicious transactionsprescribed from time to timeInternal rules must be made available to every employee involved intransactions to which FICA apply, and on request, a copy thereof must bemade available to the FIC and relevant supervisory bodies.Training of employeesThe FICA requires accountable institutions to provide training to itsemployees to enable them to comply with the provisions of FICA and internalrules applicable to them. 162Note that FICA does not prescribe the format of training required. Bothformal training and FICA awareness campaigns are recognised. Thesemethods are both designed to raise the level of awareness of employeesregarding their obligations.As in the FAIS Act, record of training attended must be kept as proof.Appointment of a compliance officerSection 43(2) of the FICA requires accountable institutions to appoint aperson with a responsibility to ensure compliance by:the accountable institution with its employees of the accountableobligations under FICA.institution with the provisions of FICAas well as internal rules applicable tothem161 Volume 6, June 2008162 Section 43(1)254 © <strong>INSETA</strong> - Section 1 12a
15.3.3 Other applicable anti-money laundering legislationOther applicable legislation which apply and with which an FSP must complywith in terms of money laundering control measures, include:Prevention of Organised Crime Act 163 (POCA)Objectives of POCA:To criminalise racketeering and create offences relating to activitiesof criminal gangsTo criminalise money laundering and create a number of seriousoffences in respect of laundering and racketeeringTo create a general reporting obligation for businesses coming intopossession of suspicious propertyTo create a mechanism for criminal confiscation of proceeds of crimeand for civil forfeiture of proceeds.Money laundering offences under POCAPOCA creates the following money laundering offences: Offences involving proceeds of all forms of crime; and Offences involving proceeds of a pattern of racketeeringThe Act includes a number of offences 164 − which are: receiving or keeping property derived from racketeering(swindling/committing fraud), and uses or invests any part of thatproperty in acquisition of any interest in, or the establishment oroperation or activities of, any enterprise; and receive property from an enterprise, knowing (or should have known)that the property results from racketeering.163 Act No 121 of 1998164 Section 2 of the Act© <strong>INSETA</strong> - Section 1 12a 255
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LOGO TO BE CONFIRMEDFSB REGULATORY
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Table of ContentsTasksGlossary of T
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8.8 Other provisions of the general
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TasksThe material provided in this
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PurposeThe FAIS Act introduced mark
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The duties of FSPs are described in
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CATEGORY II: SUBCATEGORIES2.1 Long-
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1.5.2 AdviceThe FAIS Act defines
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The elements of „advice‟ includ
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1.5.3 Intermediary serviceLet's loo
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1.5.2 Types of financial productsFi
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FSP licences are issued for specifi
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5. To provide a financial service m
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6. To give advice means to:a) give
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PurposeThis chapter introduces the
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Example 1:CBA Financial services is
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Submitting documentsEmploymenthisto
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financial soundness requirement - t
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The person was found guilty in any
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2.3.5 Experience requirements for k
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TABLE A: CATEGORY I EXPERIENCE REQU
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Experience requirements for a Categ
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was obtained through active involve
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IF YOU…Were appointed from 1Janua
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A key individual must have already
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Key individuals fulfilling the role
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serious enough to impugn the honest
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Self-Assessment QuestionsPlease not
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) Once a key individual has been ap
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Self-Assessment Answers1. Which of
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) Once a key individual has been ap
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56 © INSETA - Section 1 12a
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PurposeChapter 3 introduces you to
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Let's look at the responsibilities
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For example, a person may have star
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3.3.3 Competency requirements for r
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We discussed the tables under 2.3 a
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Experience requirements for Categor
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The main reason for the differentia
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Regulatory examinations for represe
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The purpose of the register is to:p
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Part of the management and oversigh
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Let‟s look at a summary of the co
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c) The representative register need
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Self-Assessment Answers1. In terms
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8. The general experience requireme
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PurposeIn Chapter 4 you will learn
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TABLE ACATEGORIES 1 and IV: LEVEL O
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4.2 SUPERVISION REQUIREMENTSKey ind
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Ensure that the supervision require
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Self-Assessment QuestionsPlease not
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Self-Assessment Answers1. In terms
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PurposeBefore a juristic entity can
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Understanding the process step by s
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5.3 SECTION 13As mentioned above, S
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What must be done?The FSP must main
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Registrar, by 31/12/2013.Failure by
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It should be a condition of the emp
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4. In order to meet the requirement
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5. Section 13 imposes certain dutie
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PurposeChapter 6 gives you an overv
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Ramifications for the FSP if debarm
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All other administrative or legal p
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3. May an FSP use information obtai
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PurposeDuring the course of the lif
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In the discussion of the purpose an
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caused by or arose out of the carry
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c) within 60 days after the busines
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PurposeThe FAIS General code prescr
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of crime, money-laundering legislat
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Requirements.the existence of a spe
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Disclosure must include the followi
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8.4 MANAGING TRANSPARENCY AND CONFL
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Where the juristic person is neithe
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what measures were taken to avoid/m
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A provider must continuously monito
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2. Identify the financial product o
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1. A brief summary of the informati
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are addressed in the business-speci
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8.8.3 Insurance 89One of the risks
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WHO? BY WHEN? WHAT?Category III pro
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a representative, the information m
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Record of advice 106A direct market
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influence the objective exercising
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4. What needs to be disclosed to cl
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Self-Assessment Answers1. Which of
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8. The two main requirements of giv
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PurposeThis chapter introduces you
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„compliance practice‟ means a c
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Internal compliance officer:where t
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9.1.5 Withdrawal of a compliance of
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One of the main functions of a comp
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Internal auditors normally audit co
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Information about the FSPs adherenc
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Compliance reports must be submitte
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PurposeThe application process for
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the financial services business as
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Disclose compliance with other appl
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easons why the provisional suspensi
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impartial tribunal or forum. This i
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10.3.2 Civil remediesRestrainingord
Page 212 and 213: 10.4 LEVIES PAYABLE IN TERMS OF THE
Page 214 and 215: Any contravention of or failure to
Page 216 and 217: Self-Assessment Answers1. Which of
Page 218 and 219: PurposeAs a key individual, you nee
Page 220 and 221: 11.2 EFFECT OF VOLUNTARY SEQUESTRAT
Page 222 and 223: 2. A licence of ANY FSP may lapse:a
Page 224 and 225: 5. Before sequestration, winding-up
Page 226 and 227: PurposeIn Chapter 12 you will find
Page 228 and 229: 3. The records and documentation Th
Page 230 and 231: The Registrar has certain powers in
Page 232 and 233: SummaryThe FAIS Act requires string
Page 234 and 235: 4. Section 22 of the FICA requires
Page 236 and 237: 228 © INSETA - Section 1 12a
Page 238 and 239: PurposeManaging the infrastructure
Page 240 and 241: A key individual, in respect of an
Page 242 and 243: The financial statements can either
Page 244 and 245: Self-Assessment Answers1. The opera
Page 246 and 247: PurposeChapter 14 introduces you to
Page 248 and 249: Sec 19(4) states that: the auditor
Page 250 and 251: 2. The financial statements must:a)
Page 252 and 253: 244 © INSETA - Section 1 12a
Page 254 and 255: PurposeThe FIC Act imposes certain
Page 256 and 257: Accountable institutionsThe FIC Act
Page 258 and 259: The four (4) money laundering contr
Page 260 and 261: The documents used to identify and
Page 264 and 265: Protection of Constitutional Democr
Page 266 and 267: steps to be taken to determine and
Page 268 and 269: 3. Section 21(1) of the FICA requir
Page 270 and 271: PurposeChapter 16 is the last part
Page 272 and 273: The Ombud for Financial Services Pr
Page 274 and 275: 11. If the complainant is unhappy w
Page 276 and 277: the contractual or other legal rela
Page 278: Self-Assessment Answers1. The funct
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Subject Title - INSETA

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