The Financial Intelligence Centre Act (FICA) requires accountable institutions to identify and verify the beneficial owners of their clients. This is particularly important when dealing with legal entities such as companies, trusts, or partnerships. Institutions must take reasonable steps to determine who the beneficial owners are.
Yet, establishing beneficial ownership in terms of section 21B of FICA is one of the most challenging requirements facing accountable institutions. If you’re struggling to navigate your beneficial ownership obligations, then sign up for Moonstone Compliance’s free webinar on Wednesday, 18 September.
The presenters are Billy Seyffert, Moonstone Compliance’s chief operating officer, and Kayleen Edwards, Moonstone Compliance’s anti-money-laundering compliance consultant.
The focus of the webinar will be the recently released Public Compliance Communication 59, which provides accountable institutions with guidance on compliance with FICA’s beneficial ownership requirements.
Billy and Kayleen will discuss the feedback received from the Financial Intelligence Centre (FIC) during the public consultation process from the release of draft PCC 121A to the finalisation of PCC 59. They will highlight the actions to be taken by accountable institutions stemming from PCC 59 to manage their risks in terms of section 21B, as well as the FIC’s expectations when it comes to compliance. There will be practical examples of simple and complex ownership and control structures to illustrate the FIC’s expectations.
The presenters will address the importance of identifying the natural person who owns or controls clients that are legal persons, trusts, and partnerships and how this impacts your business operationally. They will also provide an update on other relevant matters.
This timely webinar will provide valuable insights for accountable institutions, their employees and FICA compliance officers, and any person involved in the onboarding of new clients.
The webinar takes place on 18 September between 10am and 11.30am on Microsoft Teams. There is no charge to attend.
Registration closes on 17 September.
The Teams webinar has a limit of 1 000 attendees, and Moonstone Compliance’s previous FICA webinars have been booked out early, so it’s advisable not to delay registering.
There are no CPD points for attending the webinar.
For more information, please phone 021 883 8000 or email events@moonstonecompliance.co.za
