FIC Act Compliance Training for Legal Practitioners

Curriculum

8 Sections
38 Lessons
1 Hour

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Module 1 - INTRODUCTION TO FIC COMPLIANCE
This 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 FINANCING
This 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 RESPONSIBILITIES
This 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 DILIGENCE
This 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 OWNERSHIP
This 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 CLIENTS
This 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 & REPORTING
This 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 RESPONSIBILITIES
This module explains recordkeeping requirements and the responsibilities employees have in maintaining compliance within the firm.
5

South Africa & FATF Greylisting

South Africa was greylisted after weaknesses were identified in anti-money laundering and counter-terrorist financing controls.

This increased the importance of:

stronger risk-based compliance,
beneficial ownership verification,
suspicious transaction reporting,
and ongoing monitoring.

Legal practitioners are now expected to demonstrate stronger compliance controls and greater awareness of financial crime risks.

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Why Legal Practitioners Are Important