FICA READINESS
QUESTIONNAIRE
Please complete this questionnaire required by the South African Reserve Bank
What is the objective of FIC? List two objectives (2)
To assist in identifying proceeds of unlawful activities and combating of money laundering and terror financing
To make information available to investigating authorities, supervisory body, intelligence services and SARS
Exchanging anti money laundering information with bodies in other countries that have similar objectives
Supervise and enforce compliance with the FIC Act
Collect, process, analyze and interpret information
Implement a registration system in respect of all accountable institutions and registering institutions
What is the purpose of FIC? List two purposes (2)
Process, analyse and interpret information disclosed to it, and obtained by it, in terms of this Act
Inform, advise and cooperate with investigating authorities, supervisory bodies, the South African Revenue Service and the intelligence services
Monitor and give guidance to accountable institutions, supervisory bodies and other persons regarding the performance by them of their duties and their compliance with the provisions of this Act
Retain the information disclosed to it in the manner and for the period required by the Act
What does FICA stand for? (1)
Financial Intelligence Centre Act
Fikile Is Calling Angie
What is money laundering? (1)
Money laundering can be described as the concealing or hiding the nature, source, location, or movement of the proceeds of crime. Money laundering is the "cleaning of 'dirty' money" or disguising the illegal nature of criminal proceeds so that it can then be used without creating suspicion.
Washing money in a washing machine.
What is terrorism financing? (1)
Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organizations. Funds may stem from both legal and illicit sources.
Helping Osama
What does ADLA stand for? (1)
Authorised Dealer in Foreign Exchange with Limited Authority
Amandla
Is Kawena Exchange an accountable institution? (1)
Yes
Yes it is
No
What are the duties imposed on Kawena as an accountable institution? List four duties. (4)
The registration of an accountable institution with the FIC, Section 43B.
The establishment and verification of the identity of persons whom transacts with the ADLA, Section 21.
The safekeeping of FICA related information and required records by the ADLA, Section 22, 23, 24.
The reporting of suspicious or unusual transactions to the FIC, Section 29.
The reporting of Cash Threshold Reports, Section 28.
The training of Key Individuals, Sales Representatives and Support Staff on FICA’s statutory provisions and the appointment of a Compliance Officer, Section 43.
Name four documents that are accepted as an identification document. (4)
Green, bar-coded South African identity document, (NON CITIZEN)
South African identity card, (NON CITIZEN)
Foreign passport
Asylum Permit
Work Permit
Can you accept a South African passport and Foreign ID? (1)
No
Not at all
Yes
What information is required for sending to a beneficiary online? (4)
Full Names
Surname
Mobile Number
Gender
What is the daily limit to send money/purchase online? (1)
R 4990.00
R 20.00
What is the maximum rand value a customer can deposit in their E-wallets? (1)
R 25 000.00
R 20.00
What does it cost to send money/purchase online for Zimbabwe and Malawi? (1)
0%
Nothing
What is the Cash Threshold Report (CTR) amount? (1)
R 24 999,99
R 20.00
What must you do when the CTR amount is exceeded? (1)
Report to Compliance Manager.
Sing Nkalakatha By Mandoza
What must you do when a representative of FIC insists on accessing company information? (1)
Inform Compliance Manager immediately
Sing Nkalakatha By Mandoza
How long must we keep customer information and transactions for? (1)
5 Years
More than 5 Years
What is the monthly “Rand” limit for sending money/purchasing online to Zimbabwe and Malawi? (1)
R 24 990.00
R 20.00
Where can you find a copy of the Terms and Conditions of Kawena Exchange for Zimbabwe and Malawi? (1)
Online website
kawenaexchange.com
Do staff have access to FICA, regulations and all related documentation and internal rules? (1)
Yes
Yes all staff do
No
Is non-compliance with the provisions of FICA, regulations, internal rules and all related documentation a dismissible offence? (1)
Yes
Yes it is
No
List 6 suspicious or unusual transaction or activity indicators. (6)
The client provides insufficient vague or suspicious information concerning a transaction
The client admits or makes statements about involvement in criminal activities
The client is involved with significant amounts of cash in circumstances that are difficult to explain
The client is accompanied and watched
The client shows uncommon curiosity about internal systems, controls and policies
The client over justifies or explains the transaction
The client is secretive and reluctant to meet in person
The client insists that a transaction be done quickly
The client appears to have recently established a series of new relationships with different financial entities
The client attempts to develop close rapport with staff
The client offers staff money, gratuities or unusual favours for the provision of services that may appear unusual or suspicious
The client makes use of a seemingly false identity in connection with the transaction, including the use of aliases and a variety of similar but different addresses.
The client produces seemingly false identification or identification that appears to be counterfeited, altered or inaccurate
The client refuses to produce personal identification documents
The client wants to establish identity using something other than his or her personal identification documents
The client inordinately delays presenting necessary documents
All identification presented is foreign or cannot be checked for some reason
All identification documents presented appear new or have recent issue dates
The client changes a transaction after learning that he must provide a form of identification
The client attempts to convince an employee not to complete any documentation required for the transaction
The client makes enquiries that would indicate a desire to avoid reporting
The client has unusual knowledge of the law in relation to suspicious transaction reporting
The client seems very conversant with money laundering or terrorist activity financing issues
The client is quick to volunteer that funds are clean or not being laundered
The client starts conducting frequent cash transactions in large amounts when this has not been a normal activity for the client in the past
The client presents notes that are packed or wrapped in a way that is uncommon for the client
The client consistently makes cash transactions that are just under the reporting threshold amount (i.e. R25 000) in an attempt to avoid the reporting threshold
The transaction seems to be inconsistent with the client’s apparent financial standing or usual pattern activities
What must you do if you suspect a suspicious transaction or an unusual activity? (2)
Report to Regional Manager and Compliance Manager and complete Annexure 6
Sing Nkalakatha By Mandoza
What does DPIP and FPPO stand for? (2)
DOMESTIC PROMINENT INFLUENTIAL PERSONS
FOREIGN PROMINENT PUBLIC OFFICIALS
Name two examples of a DPIP (2)
the President or Deputy President;
a government minister or deputy minister;
the Premier of a province;
an executive mayor of a municipality elected in terms of the Local Government: Municipal Structures Act, 1998 (Act No. 117 of 1998);
a leader of a political party registered in terms of the Electoral Commission Act, 1996 (Act No. 51 of 1996);
a member of a royal family or senior traditional leader as defined in the Traditional Leadership and Governance Framework Act, 2003 (Act No. 41 of 2003);
the head, accounting officer or chief financial officer of a national or provincial department or government component, as defined in section 1 of the Public Service Act, 1994 (Proclamation No. 103 of 1994);
the municipal manager of a municipality appointed in terms of section 54A of the Local Government: Municipal Systems Act, 2000 (Act No. 32 of 2000), or a chief financial officer designated in terms of section 80(2) of the Municipal Finance Management Act, 2003 (Act No. 56 of 2003);
the chairperson of the controlling body, the chief executive officer, or a natural person who is the accounting authority, the chief financial officer or the chief investment officer of a public entity listed in Schedule 2 or 3 to the Public Finance Management Act, 1999 (Act No. 1 of 1999);
the chairperson of the controlling body, chief executive officer, chief financial officer or chief investment officer of a municipal entity as defined in section 1 of the Local Government: Municipal Systems Act, 2000 (Act No. 32 of 2000);
a constitutional court judge or any other judge as defined in section 1 of the Judges’ Remuneration and Conditions of Employment Act, 2001 (Act No. 47 of 2001);
an ambassador or high commissioner or other senior representative of a foreign government based in the Republic;
an officer of the South African National Defence Force above the rank of major-general;
Must all staff comply with FICA and all relative legislation? (1)
Yes
Yes they must
No
Who is liable/responsible for the above-mentioned offences? (2)t all staff comply with FICA and all relative legislation? (1)
Kawena Exchange
Person/staff directly involved
Who is the Compliance Manager and in what method of communication must you report issues to him/her? (2)
Joe Guedes
Email
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