Money Laundering

The primary focus of the Money Laundering module is to summarise the development of anti-money laundering legislation in South Africa and outline the requirements of this legislation in some detail. The module comprises six topics.

The 1st topic introduces the learner to the concept of money laundering and accountable institutions. Some of the history and various international organisations that have been created to combat money laundering are summarised, as are South Africa’s Financial Intelligence Centre Act’s requirements.

The regulatory environment is described in the 2nd topic, and the learner is introduced to local money laundering legislation and the offences and penalties that this legislation imposes, including an outline of the changes brought in by POCDATARA.

The 3rd topic outlines the “Know Your Client” requirements, while the 4th topic deals with an accountable organisation’s internal money laundering policy. The final topics of this module describe the recognition and report- ing of suspicious transactions, and the various exemptions in terms of FICA.

Topics
– Intro to Money Laundering
– The Regulatory Environment
– Know Your Client
– Internal Money Laundering Policy
– Suspicious Activity
– Exemptions