1

FSP NAME: FSP NO.

CONDUCT OF BUSINESS REPORT FOR THE PERIOD ENDING …..20XX

REPORTING

DATE

KEY

INDIVIDUAL

COMPLIANCE

OFFICER

Index

Focus Area

Title

1 Business structure, governance and control functions

1.1 Legal structure & controllers

1.2. Management information

1.3. Risk management

1.4. Business continuity

1.5. Conflicts of interest

1.6. Compliance function

1.7 Insurance cover

2 Value Proposition (services and customers)

2.1 Product providers

2.2 Services

2.3 Customers

2.4 Advice

3 Promotions, Advertising and Marketing

3.1. Promotions – advertising

4 Client take-on process

5 Remuneration Model

6 Recruitment, training and performance management

7 Complaints

8 Binders and outsourcing agreements in respect of Long-term Insurance and Short-term Insurance

9 Category IV FSPs

10 Handling of insurance premiums

11 Handling client assets / funds

12 Custody of assets (Nominees)

13 Mandates SECTION 5 OF THE CODES OF CONDUCT FOR ADMINISTRATIVE AND DISCRETIONARY FSPs

14 Financial Intelligence Centre Act

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Focus Area 1 – Business structure, governance and control functions

Questions

1.1 Legal Structure & Controllers

1.1.1 Please confirm the legal structure of your FSP:

Limited company

Private company

Close corporation

Partnership

Trust (example, Discretionary Trust, Vesting Trust, Bewind Trust)

Sole proprietor

External company (Foreign company conducting business in South

Africa)

Other

(please explain)

1.1.2 Does your FSP use any trading name/s?

☐Yes ☐No

If yes, confirm your trading name/s.

1.1.3 Provide details of all directors / members / partners / trustees.

(Nature of role, full names, identity / passport numbers and business address).

Annexure 1.1.3

1.1.4.a Explain the ownership and control structure of the FSP, (for e.g. shareholding, group

structure, joint ventures, etc.) and indicate whether or not foreign domiciled.

Annexure 1.1.4.a

1.1.4.b If yes, confirm jurisdiction and business activities of the entity and its relationship with

your FSP.

1.1.4.c Does the FSP have an ownership interest in other entities?

☐Yes ☐No

If yes, provide a list thereof with the nature and, where applicable, percentage of the

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Focus Area 1 – Business structure, governance and control functions

Questions

ownership interest. (You can provide an organogram)

1.1.5.a What is the source of capital funding of the business.

1.1.5.b Please describe the main source/s of revenue of the business.

1.1.6 Are the activities of the foreign domiciled entity regulated?

☐Yes ☐No

If yes, provide details of the Regulator, i.e. name and jurisdiction of the Foreign Regulator

and furnish the foreign entity’s license/registration number.

1.1.7 Do you conduct financial services business in a foreign jurisdiction?

☐Yes ☐No

If YES, are the activities regulated in the foreign jurisdiction?

1.1.8 If the activities are regulated, provide the following information:

(a) Name of jurisdiction

(b) Name of Regulator

(c) Registration number

1.1.9 Confirm the contact details of the FSP, i.e. telephone number, fax number, email address

and website address of the FSP.

1.1.10 Does the FSP have any of the following governance or management committees (or

equivalent)?

Please indicate which of these Committees, if any, has responsibility for oversight of

customer interests.

Committee: Board

(Y/N)

Management

(Y/N)

Oversight of

customer

interest?

(Y/N)

Risk

Social and Ethics

Remuneration

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Focus Area 1 – Business structure, governance and control functions

Questions

Audit

TCF or similar customer

interests

Product development

Compliance

Other (Please describe)

1.1.11 Please confirm if the following information that the Registrar has on record is accurate as

at reporting date (The information in the first column will be pre-populated from the

Registrar’s records and the 2nd column is for updated input by the FSP):

Key individuals

Representatives that are natural persons

(excluding representatives under supervision)

Representatives under supervision

Juristic representatives

In-house compliance officer

External compliance officer

Compliance officer under supervision

1.1.12 Please explain the key responsibilities of the key individual/s in the FSP.

Where you have more than one KI, please include details of how oversight over

representatives is allocated to different KI’s , taking into account regional spread if

applicable, and why you believe this to be appropriate.

1.1.13 Do any of these key individuals act as a key individual for other FSPs?

☐Yes ☐No

If yes, please provide details.

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Focus Area 1 – Business structure, governance and control functions

Questions

1.2 Management information

1.2.1

Do you maintain documented management information (MI) in relation to each of the

following? If so, please briefly describe how you record and monitor the information, and

how you use the information in regard to your business activities.

a) New Business information (new concluded transactions for both new and existing

clients)

b) Disclosure records (in terms of sections 3A, 4, 5 & 7 of the General Code of Conduct)

c) Results of client file reviews (sampling / monitoring)(Quality of requirements in terms

of sections 8 & 9 of the General Code of Conduct)

d) Customer feedback (over and above complaints)(Do you conduct customer service

/satisfaction surveys)

e) Financial information (Management Accounts & Bank Statements)

f) Product replacements

g) Total number of customers

h) New business transactions concluded across all categories of business in the last

reporting period.

Annexure 1.2.1

1.3 Risk Management

1.3.1 Do you have a documented risk management process in place?

☐Yes ☐No

1.3.2 How do you assess risk to your business and / or your customers?

1.3.3 Provide details / explanation of risks identified in the business during the reporting

period.

1.3.4 How are you managing the identified risks?

1.3.5 a) How and where do you record the risks that you have identified?

b) Please provide a copy of your most recent risk report if available.

1.3.6 Please provide a copy of your most recent / updated risk register.

1.4 Business Continuity

1.4.1 Do you have a disaster recovery / business continuity arrangement / plan?

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Focus Area 1 – Business structure, governance and control functions

Questions

☐Yes ☐No

1.4.2 How often do you test the disaster recovery plan?

1.4.3 How often do you review your business continuity plan?

1.4.4 Do you have a succession plan in place?

☐Yes ☐No

If yes, please explain.

1.5 Conflicts of interest

1.5.1 Do you have a conflict of interest management policy in terms of section 3A of the

General Code of Conduct?

☐Yes ☐No

Please attach a copy if you have revised it in the last reporting period and highlight the

changes.

1.5.2 What conflicts of interest exist in your business or have arisen in the past reporting

period? How do you manage these conflicts?

1.6 Compliance Function

1.6.1 Please provide a description – including an organogram - of the compliance structure

(including the delegated functions).

1.6.2 Do you have a compliance officer(s) under supervision?

☐Yes ☐No

If yes, explain the supervision process.

1.6.3 Explain the compliance monitoring process and provide the latest monitoring report.

1.6.4 Provide details of the breaches identified in the latest monitoring session and reported to

senior management of the FSP.

1.6.5 Which forums/committees/ senior persons receive the monitoring report?

Who is responsible to ensure that corrective action is taken in response to the report?

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Focus Area 1 – Business structure, governance and control functions

Questions

1.6.6 How does the FSP action the recommendations that emanate from the compliance

monitoring report.

1.6.7 Please provide details of any non-compliance with provisions of the FAIS / FIC Act

identified in the last reporting period and an explanation of how they have been

addressed.

1.7 Insurance Cover

1.7.1 Indicate the type of insurance cover you have in place in terms of sections 5(e) and 13 of

the General Code of Conduct.

Attach a copy of the schedule of insurance.

1.7.2 How does the FSP ensure that the value of the cover is appropriate / sufficient in relation

to the nature of the business?

1.7.3 “Please provide confirmation from your Insurer regarding any claims received against

your IGF/PI/Fidelity. Alternatively, confirmation from your Insurer that no claims were

received.

Focus Area 2 – Value proposition (services and customers)

Questions

2A Describe the nature of your business activities.

2.1 Product Suppliers

2.1.1 Explain the process you use to identify product suppliers whose products you provide services on?

2.1.2 Explain the process you use to select specific products on which to provide services?

2.1.3 Provide a list of product suppliers and percentages of the business you have placed with

and remuneration received from for this reporting period.

Annexure 2.1.4

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Focus Area 2 – Value proposition (services and customers)

2.1.4 What controls do you have in place to ensure that you only conduct financial services

business with authorised FSPs and verify their product subcategories, in terms of section

7(3) of the FAIS Act?

2.2 Services

2.2.1 Does the FSP render services on any product that is not specifically defined as a financial

product?

☐Yes ☐No

2.2.2 If the answer to the above question is YES – Questions (a) to (c) must be answered.

a) Provide details of the products concerned.

b) Does the FSP disclose in writing, to clients that the services rendered on those

products are not regulated in terms of the FAIS Act?

☐Yes ☐No

c) Does the FSP conduct due diligence on these products and on the product suppliers

who offer or issue them?

☐Yes ☐No

If yes, please describe the due diligence process.

2.3 Customers

2.3.1 Which ‘customer group/s’ does your FSP provide services to? Provide percentages of

your customer ratios:

Retail

Professional (High net worth clients)

Wholesale

Institutional

Other - Please describe

2.3.2 Please explain the nature of on-going services to your customers.

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Focus Area 2 – Value proposition (services and customers)

2.4 Advice

NB: This subsection is only applicable to Category I FSPs that provide advice

2.4.1 Does the FSP furnish advice?

☐Yes ☐No

If YES, questions 2.4.2 – 2.4.6 must be answered

2.4.2 How do you ensure that your record of advice include all the relevant information in

terms of section 8 of the General Code of Conduct in relation to the financial services

rendered?

2.4.3 How do you ensure that relevant disclosures are made in terms of the requirements in

sections 4, 5 & 7 of the General Code of Conduct?

2.4.4 Explain the following processes followed when furnishing advice:

cancel / terminate / lapse a product

cancel / terminate / lapse a service

2.4.5 a) In particular, describe the information provided and process followed if the

cancellation / termination / lapse results in any penalties or fees being charged?

b) How is the risk to customers mitigated in these cases?

2.4.6 What process do you follow when you recommend a financial product to replace another

financial product for a client?

2.4.7 How many replacement products did the FSP write during the reporting period?

Focus Area 3 – Advertising and Marketing

Questions

Please note that the questions in Focus Area 3 apply to material developed by the FSP as well as

material received from product suppliers or other parties and used by the FSP when interacting

with clients (Section 14 of the General Code of Conduct)

3.1 How do you advertise new services / products?

If applicable, provide recent written advertisements and links to relevant on-line

advertisements.

3.2 a) Please explain the sign-off or approval process for advertising material (whether

produced by you or another party such as a product supplier) before you make it

available to clients/public.

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Focus Area 3 – Advertising and Marketing

Questions

b) Please include an explanation of how you ensure that the advertising material is

suitable for the relevant customer group/s.

3.3 How do you ensure that the advertisements are clear, fair and not misleading?

3.4 Do you maintain a register of advertisements issued?

☐Yes ☐No

Focus Area 4 – Client take-on process

Questions

4.1 Describe your client take-on process.

4.2 How do you ensure that all relevant staff, including your juristic representatives, complies

with the above processes of the FSP?

Focus Area 5 – Remuneration model

Questions

Financial rewards and incentive schemes

5.1 Please explain the remuneration structures that apply to representatives.

Please include specific details on:

The nature of the remuneration (e.g. commission, salary, fees (performance and

benchmark fees) etc.)

Any production based targets

Incentives/penalties linked to production

Any “fringe benefits” or other non-cash benefits, incentives, rewards or bonuses

(including share options, profit shares, etc.)

5.2 Please provide details of the amount and type of the total remuneration, incentives and

rewards earned by each of your top five earning representatives in the reporting period.

(If you have less than 5 representatives, provide information relating to all)

Annexure 5.2

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Focus Area 5 – Remuneration model

Questions

5.3 Please explain the remuneration structures that apply to key individuals. Please include

specific details on:

The nature of the remuneration (e.g. commission, salary, fees ( performance and

benchmark fees) etc.)

Any production based targets

Incentives / penalties linked to production

Any “fringe benefits” or other non-cash benefits, incentives or bonuses (including

share options, profit shares, etc.)

Any linkages between the earnings and / or production of representatives and those of

the key individuals.

5.4 Lead generation / referral fee:

Do you receive any form of remuneration for referrals or lead generation?

☐Yes ☐No

5.5 Do you pay any form of remuneration for referrals or lead generation?

☐Yes ☐No

5.6 How is the lead fee structured, e.g. is it in respect of each lead, for each quotation or for

each successful conclusion of sale?

5.7 Is this fee once off or on-going?

Focus Area 6 – Recruitment, Training and Performance Management

Questions

6.1 Describe the process you follow when appointing representatives and ensure

compliance with the requirements in terms of section 13(2) of the FAIS Act?

6.2 What internal controls do you have in place to ensure that your representative register is

up to date at all times?

6.3 Do you update the representative register after the appointment / termination of

representatives during the reporting period?

☐Yes ☐No

6.4 Have you terminated any employment relationship or mandate due to contraventions of

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Focus Area 6 – Recruitment, Training and Performance Management

Questions

section 13 of the FAIS Act by a representative?

☐Yes ☐No

If yes, complete Annexure 6.4

6.5 Do you have a juristic representative?

☐yes ☐no

If yes, complete questions 6.6 and 6.7

6.6 How do you ensure that the juristic representative is complying with the FAIS

requirements?

6.7 What processes do you have to ensure the following:

a) The juristic representative does not collect funds / premiums

b) The juristic representative does not contract independently

c) Oversight over the juristic representative.

6.8 Have you terminated any employment relationship due to contraventions of section 8 of

the FAIS Act by a key individual?

☐Yes ☐No

If YES, provide details.

6.9 Has such terminations of the KI been reported to the Registrar?

☐Yes ☐No

If not, provide reasons.

6.10 Questions 6.10 – 6.13 is only applicable to Category I FSPs

Please provide details of all product specific training your representatives / key

individuals have attended / participated in the reporting period.

6.11 Who provides the training?

6.12 In particular, please describe how you ensure that your key individuals and

representatives are trained and kept up to date on the structure and operation of the

specific financial products that they render services on?

6.13 Please describe the performance management process you use in relation to your

representatives.

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Focus Area 6 – Recruitment, Training and Performance Management

Questions

In addition, please indicate whether you maintain management information (MI)

regarding the activities of each representative in relation to each of the following? If so,

please briefly describe how you record and monitor the information, and how you use

the information in regard to your business activities.

a) Product Spread

b) Product Provider Spread

c) Lapses / Cancellations / Replacements

d) Not Taken Ups (NTUs) / products “cooled off”

e) Documented results of client file reviews

f) Number and details of Complaints, including but, not limited to Ombud complaints

g) Section 13 Representative Mandate / Appointment Letter

h) Earnings (commissions, etc.)

Focus Area 7– Complaints (as defined in section 1 of the FAIS Act)

This section is not applicable to Insurance Companies.

Questions

7.1 Did you receive complaints in reporting period?

☐Yes ☐No

If YES, , complete Annexure 7.1 and complete questions 7.2 to 7.5

7.2 Have you analysed the underlying cause of the complaints? If yes, what were the findings?

7.3 What action(s) did you take, regarding the above findings, to ensure that the complaint

does not recur?

7.4 Explain the most significant trend identified.

7.5 Have any complaints resulted in any litigation?

☐Yes ☐No

If yes, please provide details.

7.6 a) Who has the responsibility for oversight, implementation and monitoring of the

FSPs Complaints Management Process (CMP)?

b) What position do they hold?

7.7 Is the FSP’s relevant staff provided with training on the complaints handling process?

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Focus Area 7– Complaints (as defined in section 1 of the FAIS Act)

This section is not applicable to Insurance Companies.

Questions

☐Yes ☐No

If yes, provides dates of the training provided during the reporting period.

7.8 How often do you review / monitor the complaints register?

7.9 What information does the Board (or equivalent highest level of management) receive

about complaints and how often?

7.10 Please explain what information is provided to customers regarding your complaints

process.

Focus Area 8 – Binders and outsourcing agreements in respect of Long-term Insurance and Short-

term Insurance

Questions

8.1 Do you have a binder agreement in place?

☐yes ☐no

If yes, complete Annexure 8.1

8.2 Has a binder agreement been cancelled in the reporting period?

☐yes ☐no

If yes, please provide details.

8.3 Do you provide any services in terms of an outsourcing agreement(s) with any Insurer(s)?

☐yes ☐no

If yes, please provide the name of the Insurer.

8.4 What functions do you perform in terms of the outsourcing agreement?

8.5 Has an outsourcing agreement been cancelled in the reporting period year?

☐yes ☐no

If yes, please provide details and reasons for the cancellation.

8.6 Were any applications made in terms of section 38 of the Short-term Insurance Act?

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Focus Area 9 – Category IV FSPs (only to be completed by category IV FSPs)

Questions Response

9.1 Please provide the names of the Insurance Company (ies) on whose behalf you perform

assistance business administration.

9.2 Explain the nature of the agreement(s) with the said insurance company (ies), example,

binder, outsourcing and/or intermediary.

9.3 Has an administration agreement(s) been cancelled in the past year?

☐yes ☐no

If yes, please provide details.

9.4 How frequently do you submit a bordereaux to the Insurer/s?

Focus Area 10 – Handling of Insurance premiums

Only to be completed by those FSPs that collect premiums (not applicable to Insurers)

Questions

Short term Insurance Premiums

10.1 Does the FSP collect short-term insurance premiums?

☐yes ☐no

10.2 If yes, do you have an agreement in place with the Insurer which mandates the FSP to

collect premiums on its behalf?

☐yes ☐no

If yes, provide a copy of the agreement.

If no, have you submitted a section 19(3) report?

Long term Insurance Premiums

10.3 Do you collect long term insurance premiums?

☐yes ☐no

10.4 If yes, do you have an agreement in place with the Insurer which mandates the FSP to

collect premiums on its behalf?

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Focus Area 9 – Category IV FSPs (only to be completed by category IV FSPs)

Questions Response

☐yes ☐no

If yes, provide a copy of the agreement.

If No, have you submitted a section 19(3) report?

Premium collection agencies

(This section excludes collection of short-term insurance premiums)

10.5 Are you a premium collections agency?

☐yes ☐no

If yes, complete Annexure 10.5

General

(This excludes short-term insurance premium collection)

10.6 Does the FSP issue written confirmation of receipts to clients when premiums are

received from clients without the mediation of a bank?

☐yes ☐no

10.7 Indicate what measures have been put in place to ensure that client premiums are kept

separate from the FSP’s funds?

10.8 Confirm the details of the separate bank account, if applicable.

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Focus Area 11 – Managing client assets / funds

Only to be completed by those FSPs that manage client assets / funds (Not applicable to premium

collection)

Questions

11.1 Do you collect client funds?

☐yes ☐no

11.2 If Yes, for what purposes are the funds being collected?

11.3 Are the funds held in a separate bank account?

☐yes ☐no

11.4 If yes, is this separate bank account audited in terms of section 19(3) of FAIS?

☐yes ☐no

11.5 Confirm the details of the separate bank account.

11.6 Does the FSP issue written confirmation of receipts to clients when funds are received

from clients without the mediation of a bank?

☐yes ☐no ☐not applicable

Focus Area 12 – Custody of Assets (Nominees)

Questions

12.1 Does the FSP hold client assets in a Nominee/s ?

☐yes ☐no

If No, in whose name are assets registered?

If yes, answer questions 12.2 – 12.10

12.2 Provide the name/s and registration number/s of the Nominee/s.

12.3 In whose name is the bank account for funds received by the Nominee on behalf of

clients, i.e. the FSP or the Nominee?

12.4 If the bank account is in the name of the FSP, is the account audited?

☐yes ☐no

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Focus Area 12 – Custody of Assets (Nominees)

Questions

12.5 How often does the Board of Directors of the Nominee meet per year?

☐annually

☐bi-annually

☐ quarterly

12.6 Does the FSP have procedures in place to ensure the proper reconciliation of the number

and amount of investments held in the Nominee and reflected in the records of the FSP?

☐yes ☐no

Explain the process.

12.7 How often are reconciliation reports prepared?

☐annually

☐bi-annually

☐ quarterly

☐ monthly

12.8 Please explain the process followed if there is a discrepancy on the reconciliation reports.

12.9 Are reports provided to the Board of Directors of the Nominee regarding the

reconciliation of assets?

☐yes ☐no

If yes, are the reports prepared and verified by senior management?

☐yes ☐no

12.10 Does the FSP (holding company) have internal controls and procedures in place to ensure

compliance with the continuing obligations of the holding company and Nominee in

terms of Board Notice 63 of 2007

☐yes ☐no

If yes, provide details, if not, provide an explanation of how the FSP ensures compliance.

19

Focus Area 13 – Mandates SECTION 5 OF THE CODES OF CONDUCT FOR ADMINISTRATIVE AND

DISCRETIONARY FSPs

Questions

13.1 Have any changes been made to the mandates since the previous reporting period?

☐yes ☐no

If yes, has it been approved by the Registrar?

☐yes ☐no

13.2 What process do you have in place to ensure that client’s assets are managed in terms of

their mandate?

Provide details.

13.3 Does the FSP have a dedicated function to ensure mandate compliance?

☐yes ☐no

13.4 Has there been any mandate breaches during the reporting period?

☐yes ☐no

If yes, provide details of how the breach arose together with the resolution thereof.

13.5 If there is a breach in the mandate, does the FSP advise the client?

☐yes ☐no

If not, why not?

20

Focus Area 14 Financial Intelligence Centre Act

Questions Response

If the FSP is an Accountable Institution in terms of Schedule 1 of FICA, then questions 1 to 29 must

be answered

Client identification and verification (Sec 21)

14.1 Does the FSP risk rate its clients to

determine which clients pose a higher risk

of money laundering and terrorist

financing?

☐Yes ☐No

14.2 Does the FSP have procedures in place for

monitoring high risk clients and conducting

enhanced identification and verification on

them?

☐Yes ☐No

14.3 Does the FSP have separate procedures in

the internal rules to conduct identity

verification on the following high risk

clients:

a. Non-face-to-face clients?

b. Politically exposed persons?

☐Yes ☐No

☐Yes ☐No

14.4 Does the FSP rely on a third party for the

identification and verification of clients?

☐Yes ☐No

Is this third party an accountable institution in

terms of schedule 1 of FICA?

☐Yes ☐No

Does the relationship with the third party fall

under exemption 4 of FICA?

☐Yes ☐No

Is there a service level agreement in place to

govern this relationship?

☐Yes ☐No

14.5 How does the third party confirm the fact that it has verified client’s identities to the FSP?

Record keeping requirements (Sec 22)

14.6 How does the FSP keep records of clients information:

Hard copy ☐

Electronic ☐

Third party ☐

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Focus Area 14 Financial Intelligence Centre Act

Questions Response

Other (please explain) ☐

14.7 If the FSP’s records are kept by a third party, is

there a service level agreement in place to

specify the obligations of the third party.

☐Yes ☐No

If no, why?

14.8 Did the FSP provide details of the third party

which keeps records on its behalf to the FIC?

☐Yes ☐No

14.9 Describe the process to access records kept by third parties.

Reporting to the FIC (Sec 28, 28A and 29)

14.10 Does the FSP have guidelines on what is a

suspicious transaction?

☐Yes ☐No

If no, why?

Formulation and Implementation of Internal Rules (Sec 42)

14.11 If this reporting period was the FSP’s first year of business, provide a copy of the internal

rules as a separate annexure.

14.12 If the FSP amended internal rules during the reporting period, provide a copy of the

amended internal rules, indicating all changes that affected the processes of the FSP.

14.13 Are the internal rules approved by the FSP’s

senior management or governing body

☐Yes ☐No

If no, why?

14.14 Are the internal rules customised and specific

to the nature of the business of the FSP?

☐Yes ☐No

14.15 Does the internal rules make provision for the

following procedures

Identity verification

☐Yes ☐No

Record keeping

☐Yes ☐No

Report cash transactions above

R24 999.99

☐Yes ☐No

22

Focus Area 14 Financial Intelligence Centre Act

Questions Response

Report terrorist and suspected terrorist

property related transactions

☐Yes ☐No

Report suspicious transactions

☐Yes ☐No

14.16 Does the FSP use a risk based approach in

monitoring compliance with FICA and taking

appropriate steps to verify client’s identities?

☐Yes ☐No

If no, why?

14.17 If the FSP uses a documented risk based

criteria, please provide a copy of the

document?

14.18 How often does the FSP review and update its internal rules and/or AML risk assessment

framework.

14.19 How does the FSP practically monitor compliance with FICA by its staff to implement FICA

and internal rules?

14.20 Provide details of the person or department responsible for monitoring and or enforcing

FICA compliance?

14.21 Is this person/department solely dedicated to

FICA compliance?

☐Yes ☐No

Training (Sec 43)

14.22 Did the FSP and/or its relevant staff attend

FICA training / refresher training during the

reporting period?

☐Yes ☐No

14.23 Does the FSP have a FICA training manual? ☐Yes ☐No

Monitoring of Compliance (Sec 43)

14.24 Has the FSP appointed a compliance officer,

with knowledge of FICA & AML / CFT

legislation, in terms of section 43 of FICA?

☐Yes ☐No

If no, why?

14.25 Is the compliance officer appointed at

management level?

☐Yes ☐No

23

Focus Area 14 Financial Intelligence Centre Act

Questions Response

14.26 If not, does the compliance compliance officer

have direct access to senior management

and/or the governing body

☐Yes ☐No

14.27 Does the FSP have an appointment letter for

the compliance officer?

☐Yes ☐No

14.28 Does the compliance officer have sufficient

authority and independence to monitor

compliance with FICA and other AML/CFT

legislation?

☐Yes ☐No

Registration with the FIC (Sec 43B)

14.29 Has the FSP registered with the FIC in terms of

section 43B of FICA?

☐Yes ☐No

If no, why?

If yes, provide the registration number:_____________________

If the FSP is a Reporting Institution in terms of Schedule 3 of FICA, then questions 30 to 34 must be

answered

14.30 Does the FSP have procedures in place to

report cash transactions above R24 999.99 in

terms of section 28 to the FIC?

☐Yes ☐No

14.31 Does the FSP have procedures in place to

report suspicious transactions to the FIC?

☐Yes ☐No

14.32 Did the FSP (including sole proprietors) and

staff attend training on FICA and internal rule

during the reporting period?

☐Yes ☐No

14.33 Has the FSP attended refresher training as

recommended by the FIC?

☐Yes ☐No

14.34 Has the FSP registered with the FIC in terms of

section 43B of FICA?

☐Yes ☐No

If the FSP is authorised for Short-term Insurance products and /or Health Service benefits only,

then question 35 must be answered

24

Focus Area 14 Financial Intelligence Centre Act

Questions Response

14.35 Is the FSP aware of its obligations in terms of

section 29 of FICA to report suspicious

transactions to the FIC?

☐Yes ☐No