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FICA’s purpose is to combat money-laundering activities and the financing of terrorist and related activities.
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It is aimed at identifying suspicious transactions so that the people who engage in money laundering activities can be charged under POCA.
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Suspicious transactions must be reported to FICA.
The purpose of this Awareness Training is to provide you with the insight and knowledge of the implications of the Financial Intelligence Act on your work in the financial services industry. Most importantly you need to know the requirements that this Act imposes on FSP’s so that you can comply with it on a daily basis. Non- Compliance may lead to harsh penalties.
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FICA – Financial Intelligence Centre Act
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FSP – Financial Services Provider
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POCA – Prevention of Organized Crime Act
Through the Awareness Training, you are going to learn how to comply with the requirements of FICA, as it applies to the FSP and yourself.
There are two very important underlying concepts with regard to FICA:
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Money – laundering
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Unlawful activities