ThePRACTICAL focus on:
Principal’sand/or FIC Compliance Officers' Responsibility and Accountability
· Internal FICA compliance structure. (Organigram)
· Appointment and effectiveness of a FIC Compliance Officer (FCO)
· Tasks of the FCO
· Money Laundering Reporting Officer (MLRO) vs Admin Officer
GoAMLand RMCP company details with the FIC
· Steps of the process
· Documentation
· Online navigation
· Keeping record
· Dashboard
Reporting
· Timeframes
· Types
· Information required for reporting
· Submitting
· Corrections
· Activity Reports vs Transaction Reports
· Failing to report
· Reactive reporting
· Life cycle of reporting
· Common reporting errors
· Covered in your RMCP
Directives
· Applicableto whom?
· Steps of the process to follow directives
· RMCP and other documentation.
Directivesguide
· Directive 1 (2013)
o Updating registration details
· Directive 2 (2014)
o The use of login credentials following registration with the FIC.
· Directive 3 (2014)
o Notification of failure to report as required by the FIC.
· Directive 4 (2016)
o New registration and reporting system. – Updating info.
· Directive 5 (2019)
o Use of an automated transaction monitoring system (ATMS).
· Directive 6 (2023)
o Submission of risk and compliance returns.
· Directive 7 (2023) – Not applicable to Estate Agency
o Submission of risk and compliance returns
· Directive 8 (2023)
o Screening and risk rating of employees.
· Directive 9 (2024) – Not applicable to Estate Agency
o “Travel Rule” relating to crypto asset transfers
· Directive 10 (2026)
o On information pertaining to geographic locations
· Directive 11 (2026)
o Risk and compliance returns – (RCR 2026.)
· Directive 12 (2026)
o On the submission of risk management and compliance programmes (RMCP2026).