Financial Intelligence Centre Act (FICA), 2001
The main objective of the FICA act is to combat money laundering. Money laundering is defined as any act to hide or disguise the true source of criminally derived funds (the proceeds of a crime). This covers money or any other benefit gained from any unlawful act, which includes contravening the Exchange Control Act, or any other law or regulation.
It imposes an obligation on an accountable institution such as IFS to conduct our business in line with FICA, with severe penalties for non-compliance.
This includes an obligation to know and verify the identity of clients, as well as maintaining records of all dealings with clients.
With FICA our financial planners are under legal obligation to report any suspicious or unusual transaction to the Financial Intelligence Centre.
If you do need any additional information regarding FICA or anti-money laundering initiatives, please contact our money laundering officer (MLO), Ankie Engelbrecht.