Accountable institutions such as financial services providers are required by the Financial Intelligence Centre Act 38 of 2001 (FICA) to provide regular training to staff on FICA in terms of section 43. The training must enable staff to comply with FICA and the Risk and Compliance Management Programme of the Financial Service Provider itself. The FIC stated that the training must be “ongoing” and “refresher” training must be conducted. We believe that a good rule of thumb is to do any AML/FICA/KYC training once a year and as soon as any new joiners start with the FSP.

The aim of the training must educate the employees on a range of different factors, general awareness for all staff in the FSP and then a more in-depth specific awareness training course.

Should you have not conducted any internal Fica training with your employees for the year ending 31 December 2022, please complete attached link CRUX Training and contact us on our business WhatsApp 082 857 6205 where we can assist you with your training obligations.

Any non-compliance with the Fica in relation to the above-mentioned can result in a fine of R10 million and 5 years in prison.