Money Laundering risks in the legal profession
An introduction to money laundering and terrorist financing in a South African legal practice context
Why should you attend?
As a law firm you are urged to ensure that your practice fulfils various FICA obligations. During this session we will take a closer look at the money laundering risks associated with law firms, as well as key areas that your firm needs to address in order to be fully FICA compliant.
An overview of the training
Some of the topics that will be covered include:
- Overview of money laundering and terrorist financing concepts
- Discussion and examples of predicate crimes in South Africa
- Summary of financial crime legislation in South Africa (FICA, PRECCA, POCDATARA etc.)
- 3 stages of money laundering
- Introduction to FICA
- Seven FIC Obligations
- FIC and the Legal Practice Council (LPC)
- Exploration of key legal practice products and services with example risks, red flags and mitigation strategies:
- Fees and funds
- Client account abuse
- Escrow
- Purchase, sale and transfer of assets
- Formation of entities
- Document certification & legitimisation
- Reporting suspicions & tipping off
- The complexity of legal privilege
- Consequences of non-compliance
What you will get
Upon completion of this 1-hour training you will receive a certificate of attendance for your FICA compliance file and practical tips that you can implement in your business.
Training Costs: To join our open sessions (there may be others attending from other businesses):
R495 + VAT/per person
To book a bespoke session for just your business, at a date and time mutually agreed, please email compliance@docfox.co.za
Book your training
Click on your preferred date for more information and to book your training.
Available training
FICA Awareness Training
As per regulatory requirements, this introductory training course is designed to cover the core FICA requirements set out by the FIC and includes topics such as the amended FIC Act, AML and KYC.
KYC & Exploring UBO
A deep dive into how to practically implement due diligence processes and practices into your business. Join us as we delve into the real-world steps of establishing and verifying the identity of your clients.
