Financial Intelligence Centre Act (FICA), 2001
This legislation aims to combat money laundering. Money laundering is defined as any act to hide or disguise the true source of criminally derived funds (the proceeds of a crime). This covers money or any other benefit gained from any unlawful act, which includes contravening the Exchange Control Act, or any other law or regulation.
It imposes an obligation on an accountable institution such as PSG Konsult to conduct our business in line with FICA, with severe penalties for non-compliance.
This includes an obligation to know and verify the identify of clients, as well as maintaining records of all dealings with clients.
With FICA our financial planners are under legal obligation to report any suspicious or unusual transaction to the Financial Intelligence Centre.