This course is approved for 3 CPD by the FPI. FPI24089949
 
Outsourced Compliance Services assisted in the formulation of the content. 
 
Learning Outcomes:
Business Overview and Risk Management:
Describe the operations, services, and customer base of a Financial Services Provider (FSP).
Understand the role of risk management in combating money laundering and terrorist financing, as outlined by Outsource Compliance Services (OCS).
Risk-Based Approach:
Apply a risk-based approach to manage money laundering and terrorist financing risks.
Tailor due diligence and monitoring practices based on specific client and service risks.
Key Definitions:
Define essential terms related to the FIC Act, POCA, and POCDATARA, including "beneficial owner" and "money laundering."
Control Measures:
Implement control measures such as customer due diligence, ongoing monitoring, and reporting of suspicious activities to prevent money laundering and terrorism financing.
Additional Considerations:
Address issues related to politically exposed persons (PEPs), enhanced due diligence, and third-party relationships.
Record-Keeping Obligations:
Comply with record-keeping requirements under the FIC Act, including maintaining accurate records of client information and transactions.
Cash Transactions:
Understand and apply the reporting requirements for cash transactions, including thresholds and procedures for filing reports.
Property and Transactions Reporting:
Report property linked to terrorist activities and identify suspicious and unusual transactions accurately and promptly.
Promoting Compliance:
Implement measures to promote compliance, including employee training, appointing compliance officers, and developing internal policies, as recommended by OCS.
Compliance and Enforcement:
Understand enforcement mechanisms and penalties under the FIC Act and the role of senior management in ensuring compliance, incorporating insights from OCS.
 
For more information, visit Outsource Compliance Services (OCS) for additional resources and support at info@outsourcedcompliance.co.za