- 011 672 1144
- renette@rjattorneysinc.co.za
This course provides attorneys, legal practitioners, support staff, and compliance personnel with a practical understanding of:
- FIC Act obligations
- Anti-Money Laundering (AML)
- Counter-Terrorist Financing (CTF)
- Risk-based compliance
- Customer Due Diligence (CDD)
- Beneficial ownership
- Politically Exposed Persons (PEPs)
- Suspicious transaction reporting
- Recordkeeping obligations
- Employee compliance responsibilities
The course is based on current FIC and LPC guidance and incorporates updated compliance expectations relating to South Africa’s FATF greylisting response.
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WHAT WILL YOU LEARN?
By completing this course, you will learn:
- What the FIC Act is and why compliance is important for legal practitioners
- How money laundering, terrorist financing, and proliferation financing work
- The role attorneys and law firms play in preventing financial crime
- How to apply a risk-based approach to client onboarding and transactions
- How to identify high-risk clients, suspicious activities, and red flags
- The difference between source of funds and source of wealth
- How to identify and verify beneficial owners
- How to screen for Politically Exposed Persons (PEPs) and Politically Influential Persons (PIPs)
- Your responsibilities regarding customer due diligence and ongoing monitoring
- When and how suspicious or unusual transactions should be reported
- Recordkeeping requirements under the FIC Act
- The responsibilities of employees, management, and compliance officers
- How South Africa’s FATF greylisting impacts compliance expectations
- The importance of ongoing training, monitoring, and internal compliance procedures
- How to apply the firm’s Risk Management and Compliance Programme (RMCP) in practice
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COURSE DURATION
Approximately 45–60 minutes
Curriculum
- 8 Sections
- 38 Lessons
- 1 Hour
Expand all sectionsCollapse all sections
- Module 1 - INTRODUCTION TO FIC COMPLIANCEThis module introduces the purpose of the FIC Act, why compliance is important, and the role legal practitioners play in protecting the financial system from financial crime. Legal practitioners are often exposed to high-risk transactions and may unknowingly become involved in money laundering or terrorist financing activities if proper controls are not followed.6
- Module 2 - UNDERSTANDING MONEY LAUNDERING & TERRORIST FINANCINGThis module explains how criminals attempt to disguise illegal funds and how legal services may be abused during the process. Understanding how financial crime works helps employees identify suspicious activity before the firm is exposed to unnecessary risk.6
- Module 3 - REGISTRATION & COMPLIANCE RESPONSIBILITIESThis module explains registration requirements, governance responsibilities, and the role of the Compliance Officer within the firm. Compliance is the responsibility of both management and employees.7
- Module 4 - RISK-BASED APPROACH & CUSTOMER DUE DILIGENCEThis module explains how firms assess client risk and apply customer due diligence using a risk-based approach. Not all clients present the same level of risk. Higher-risk clients require stronger controls and additional monitoring.7
- Module 5 – CLIENT IDENTIFICATION & BENEFICIAL OWNERSHIPThis module explains how firms identify clients, verify information, and determine who ultimately owns or controls a client or legal entity. Understanding beneficial ownership is important in identifying hidden financial crime risks.5
- Module 6 – PEPs & HIGH-RISK CLIENTSThis module explains Politically Exposed Persons (PEPs), high-risk clients, and when enhanced due diligence is required. Some clients present a greater risk of corruption, money laundering, or financial crime and require additional monitoring and verification.5
- Module 7 – TRANSACTION MONITORING & REPORTINGThis module explains how firms should monitor transactions, identify suspicious activity, and comply with reporting obligations under the FIC Act. Employees play an important role in identifying unusual or suspicious behavior.5
- Module 8 – RECORDKEEPING & EMPLOYEE RESPONSIBILITIESThis module explains recordkeeping requirements and the responsibilities employees have in maintaining compliance within the firm.5
Instructor
