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Complying with Changes in Legislation

Complying with Changes in Legislation. October and November 2012. Agenda. FICA. Money Laundering legislation. Defines: Money Laundering offence Reporting obligation. Definition. Financial Intelligence Centre. Reporting obligations.

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Complying with Changes in Legislation

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  1. Complying with Changes in Legislation October and November 2012

  2. Agenda

  3. FICA

  4. Money Laundering legislation Defines: Money Laundering offence Reporting obligation

  5. Definition

  6. Financial Intelligence Centre

  7. Reporting obligations

  8. Duties of accountable institutions

  9. Administrative duties for accountable institutions

  10. Responsibility of supervisory body Administrative sanctions: Not to repeat conduct Reprimand Remedial action Restriction or suspension Penalty: Individual: R 10 mil Company : R 50 mil

  11. Appointment of inspectors No warrant is necessary Issue certificate of appointment Must consult with Centre Institution liable for any costs involved

  12. IRBA inspections

  13. Compliance and enforcement

  14. FAIS

  15. Definition of advice

  16. What is FSP? Duties • Display certified copy of license in prominent place at all business premises • Include reference to license in all documentation • Advise registrar of lapsing of license • Permanent incapable of carrying on business • Sequestrated • Dies • Liquidated • Business is dormant • Appoint compliance officer Excluding a representative

  17. Representatives May only Act if: FSP must:

  18. Compliance officer

  19. Accounting and audit requirements External auditor must be approved by Registrar Reasons for termination as auditor May only change year end with approval of Registrar 10 Different compliance reports Different submission dates per category

  20. Exemption from audit requirement

  21. Duty to report irregularities

  22. Fit and proper requirements

  23. Fit and proper requirements

  24. Professional Indemnity and Fidelity Insurance

  25. Financial interest and conflict of interest

  26. Financial interest and conflict of interest

  27. Offences and penalties

  28. National Credit Act

  29. Consumer rights

  30. Registration requirements No natural persons Duties of NCR Certificate of registration Enter in register Assign unique registration number Fit and proper No juristic person

  31. Types of agreements

  32. Included transactions

  33. Excluded transactions

  34. Unlawful and Reckless Agreements • Cannot sue • Must refund: • Monies paid • Interest per quote Credit provider

  35. Pre-agreement statements Prescribed forms for all agreements

  36. Right to receive statements

  37. Termination and early payments

  38. Surrender of goods, debt enforcement

  39. Compliance and reporting > R 15 mil – Quarterly < R 15 mil – 15th February 6 months after year end

  40. Consumer Protection Act

  41. Scope of the Act

  42. Excluded transactions

  43. Meaning of goods

  44. Meaning of service Accommodation e.g. restaurant or hotel Entertainment e.g. sale of tickets Access to any electronic communications infrastructures e.g. cell phones, 3G Access to event, premises, activity or facility Right of occupancy in land or other immovable property Education, information, advice or consultation (excluding FAIS)

  45. Consumer’s rights

  46. Consumer’s rights

  47. Consumer’s rights

  48. Consumer’s rights

  49. Consumer’s rights

  50. Fair and responsible marketing

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