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September / October 2013

Compliance with Changes in Legislation Update. September / October 2013. Agenda. 2. FICA. 3. 3. Money Laundering Legislation. Defines: Money Laundering offence Reporting obligation. 4. What is Money Laundering?. 5.

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September / October 2013

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  1. Compliance with Changes in Legislation Update September / October 2013

  2. Agenda 2

  3. FICA 3 3

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

  5. What is Money Laundering? 5

  6. Financial Intelligence Centre Assist in identifying proceeds of unlawful activities and combating of money laundering and terror financing Make information available to investigating authorities, SBs, intelligence services and SARS 6

  7. Reporting obligations (Suspicious Transaction Reports) Tax evasion STR’s have no cash threshold Time period for reporting – ASAP (not later than 15 working days) May NOT be posted Protection of person making report 7

  8. Reporting obligations for accountable and reportable institutions 8

  9. Reporting Statistics 9

  10. POCDATARA 10

  11. Prevention and Combatting of Corrupt Activities Act 11

  12. Administrative duties for accountable institutions 12

  13. Administrative duties for accountable institutions 13

  14. Responsibility of supervisory body Administrative sanctions: Not to repeat conduct Reprimand Remedial action Restriction or suspension The FIC and supervisory bodies cannot use their inspection powers to investigate any criminal conduct 14

  15. Appointment of inspectors No warrant is necessary Issue certificate of appointment Must consult with Centre Institution liable for any costs involved 15

  16. Inspections 16

  17. Inspections 17

  18. Appeals 18

  19. IRBA inspections 19

  20. Financial Intelligence Centre Compliance Contact Centre 20

  21. Compliance and enforcement R100 million or 15 years imprisonment R50 million for legal person R10million for natural person • Has failed to comply with: • FIC Act • Condition of a licence, registration, approval or authorisation • Directive • Administrative sanction 21

  22. FAIS 22

  23. Definition of advice 23

  24. Advice vs. intermediary services 24

  25. What is a Financial Service Provider? Duties Display certified copy of license in prominent place at all business premises Include reference to license in all documentation Advise registrar of lapsing of license: Permanently incapable of carrying on business Sequestrated Dies Liquidated Business is dormant Appoint compliance officer Excluding a representative 25

  26. Representatives

  27. Compliance officer 27

  28. Accounting and audit requirements 28

  29. Exemption from audit requirement 29

  30. Compliance reports 30

  31. Compliance reports 31

  32. Duty to report irregularities 32

  33. Fit and proper requirements 33

  34. Fit and proper requirements 34

  35. Annual Expenditure 35

  36. Application for exemption: Qualifications and Regulatory Exams 36

  37. Professional Indemnity and Fidelity Insurance 37

  38. Offences and penalties 38

  39. National Credit Act 39

  40. Who and what does the Act regulate? 40

  41. Excluded transactions 41

  42. Types of agreements 42

  43. Registration requirements No natural persons N.B. Certain credit providers do not have to register with the NCR but their agreements are still subject to the provisions of the Act. Fit and proper No juristic person 43

  44. Unlawful and Reckless Agreements Only by a court Cannot sue Must refund: Monies paid Interest per quote 44

  45. Prohibited marketing practices 45

  46. Consumer rights 46

  47. Pre-agreement statements Prescribed forms for all agreements Do not sign a blank document. The credit provider may include additional terms after you have signed the contract, which you have not agreed to. 47

  48. Right to receive statements 48

  49. Changes, termination, early payments 49

  50. Surrender of goods, debt enforcement 50

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