FICA – RISK MANAGEMENT COMPLIANCE PROGRAMME

Extreme change for accountable institutions

The RMCP has replaced Section 42 of the primary FIC Act.  And if foolish enough to ignore, it could cost you R10 million in penalties for non-compliance in your personal capacity and up to R50 million as a company! 

Section 42 of FICA requires every Accountable Institution adopt an AML Compliance Program that is reasonably designed to ensure proper record keeping and reporting of certain transactions, and to prevent your business from being used to launder money.  This RMCP must thoroughly spell out an Accountable Institution’s FICA compliance approach in respect of three widespread duties, namely;

  • KYC – know-your-customer
  • record keeping and reporting
  • RMCP

Although the requirement to implement a Risk Management and Compliance Programme (section 42 of the FIC Act) came into effect on 2 October 2017, accountable institutions have been granted some time to implement this.  Accountable institutions must have a fully adopted and implemented RMCP by 2 April 2019.  No extensions will be given.

How we can help?  We, at Simply Learn, wishes to make the FICA Risk Management and Compliance Programme requirement as easy as possible for you to achieve.

Our FICA RMCP Online Course is an FPI-recognised, online training programme that will cover the following modules:

  1. REGISTRATION
  2. COMPLIANCE – GOVERNANCE, RISK AND MLCO
  3. TRAINING
  4. KYC
  5. REPORTING
  6. RECORD KEEPING
  7. CONTROLS AND ENFORCEMENT
  8. PENALTIES

After working through each module, you will complete an quiz so you can assess your level of understanding.

You can review the content as many times as you like. We estimate that the course content should take you three hours, but you have 14 days to work through the content.

Once you have successfully completed the quizzes, the link to your certificate will become available to download or print.

Who should complete this course?  All stakeholders, senior management and employees of accountable institutions, however, compliance officers and employees of reporting institutions can also benefit from completing this course.

How will learners benefit?  During the FICA RMCP Online Course, we will guide you step by step in the designing of a FICA Risk Management and Compliance Programme.  You will not only be compliant with the FIC Act with regard to training, but you will earn 3 CPD hours/points toward maintaining your competence requirements.

FPI members will earn 3 CPD hours in the Ethics and Practice Management category.

Our clients get free access to the training.

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