Intelligo Solutions

INTELLIGO Solutions facilitates an on-site 2 hour overview. The delegates will receive a FICA handbook for their safe keeping and the business will receive a record of attendance for their FICA training records.

Purpose of the Financial Intelligence Centre Act, 2001

The Financial Intelligence Centre Act, 2001 (FICA) complements POCA. While POCA defines the money laundering offences, FICA compels the business community to take steps to control and prevent money laundering. FICA creates a number of compliance obligations for institutions such as banks, estate agents, brokers, attorneys, insurance companies and motor dealers. The Financial Intelligence Centre Act (FICA) does not stand alone in the legislative context; it is part of a broader sweep of legislation that currently includes:

  • The Prevention of Organised Crime Act 121 of 1998 (POCA)
  • The Financial Intelligence Centre Act 38 of 2001 (FICA)
  • The Protection of Constitutional Democracy Against Terrorist and Related Activities Act 33 of 2004 (POCDATARA)
  • The Prevention and Combating of Corrupt Activities Act 12 of 2004 (PRECCA).

These Acts interlock to form the legislative network to control money laundering in South Africa. Financial Intelligence Centre Act 2001 Part 4: Measures to promote compliance by accountable institutions 43. Training and monitoring of compliance

  1. An accountable institution must
    1. provide training to its employees, to enable them to comply with the provisions of this Act and the internal rules applicable to them;
    2. appoint a person with the responsibility to ensure compliance by
      1. the employees of the accountable institution with the provisions of this Act and the internal rules applicable to them; and
      2. the accountable institution with its obligations under this Act.

Enforcement - Administrative Sanctions
Training of employees regarding the FIC Act and internal rules

Duty Section 43(a)
Administrative Sanction (maximum)
R50 million for legal person R10 million for natural person

Criminal Sanction (maximum)
R10 million or 5 years imprisonment