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Complying with Changes in Legislation

Complying with Changes in Legislation. September and October 2010. Agenda. FICA. Money Laundering Legislation. Reporting obligation. Defines: Money laundering offence. Definition. Financial Intelligence Centre. Collect Process Analyse. Law Enforcement Agencies. Reporting obligations.

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Complying with Changes in Legislation

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  1. Complying with Changes in Legislation September and October 2010

  2. Agenda

  3. FICA

  4. Money Laundering Legislation Reporting obligation Defines: Money laundering offence

  5. Definition

  6. Financial Intelligence Centre Collect Process Analyse Law Enforcement Agencies

  7. Reporting obligations Report to FIC

  8. Duties of accountable institutions Above prescribed limit Also Reportable Institution Details of transfer After transfer Report on demand

  9. Administrative duties for accountable institutions

  10. Directives Cost borne by institution Only after consulting with Centre Accountable institutions, reportable institutions, other persons

  11. Registration of institutions Notify FIC of any changes within 90 days

  12. Responsibility of supervisory body Administrative sanctions: Not to repeat conduct Reprimand Remedial action Restriction or suspension Penalty: Individual: R 10 mil Company : R 50 mil Process to be followed May appeal

  13. Appointment of inspectors No warrant is necessary Issue certificate of appointment Must consult with Centre Institution liable for any costs involved

  14. Compliance and enforcement

  15. Draft Regulation of Tax Practitioners Bill

  16. Application of Act Applicable to Not applicable to:

  17. Registration Do not register Register

  18. Approval of application Board to enter name in register and to issue certificate Board must approve if: Will not approve if:

  19. Duties of tax practitioners May not Must

  20. Disciplinary practices Cannot question unless informed of following rights: Has the right to be assisted or represented by another person; and Is not obliged to make any statement and that any statement made may be used in evidence against that tax practitioner.

  21. FAIS

  22. Purpose of Act

  23. Definition of advice

  24. Advice vs. intermediary services

  25. What is FSP? Duties • Display certified copy of license in prominent place • Include reference to license in all documentation • Advise registrar of lapsing of license • Permanent incapable of carrying on business • Sequestrated • Dies • Liquidated • Business is dormant • Appoint compliance officer Excluding a representative

  26. Representatives May only Act if: FSP must:

  27. Accounting and audit requirements External auditor must be approved by Registrar Irregularities reported Reasons for termination as auditor May only change year end with approval of Registrar 10 Different compliance reports Different submission dates per category

  28. Fit and proper requirements

  29. Fit and proper requirements

  30. Professional Indemnity and Fidelity Insurance

  31. Financial interest and conflict of interest

  32. Financial interest and conflict of interest

  33. National Credit Act

  34. Statutory bodies Independent

  35. Consumer rights

  36. Registration requirements No natural persons Duties of NCR Certificate of registration Enter in register Assign unique registration number Fit and proper No juristic person

  37. Types of agreements

  38. Included transactions

  39. Excluded transactions > R 1 000 000

  40. Unlawful and Reckless Agreements • Cannot sue • Must refund: • Monies paid • Interest per quote Credit provider

  41. Pre-agreement statements Prescribed forms for all agreements

  42. Cost of Credit As per court tariffs For monthly and annual, transactions May not exceed outstanding obligation Cover reduce with decrease in outstanding balance Limited to cost of letter

  43. Right to receive statements

  44. Changes, termination, early payments

  45. Surrender of goods, debt enforcement

  46. Debt counseling

  47. Compliance and Reporting > R 15 mil – Quarterly < R 15 mil – 15th February 6 months after year end

  48. Consumer Protection Act

  49. Background

  50. Scope of the Act

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