#4 Introducing our AML training programme: Course 4 of 7

This is the 4th course in our AML training programme with a look at the record-keeping obligations in South Africa. There are 7 courses included in the programme. (see detail below).

Learn the critical art of AML record-keeping to ensure your organization's compliance fortress remains unbreachable within South Africa's regulatory landscape.

The course aims to equip participants with comprehensive knowledge and practical skills necessary for maintaining accurate and compliant AML records. Attendees will explore the nuances of the Financial Intelligence Centre Act (FICA), understand the types of records required, delve into the duration and format of record-keeping, and learn about best practices, including the use of technology in record management. The course is tailored for those preparing for the AMLC Prac (SA) designation and anyone looking to enhance their expertise in AML record-keeping, ensuring their practices align with standard and legal requirements.

Key take-aways

On completion of this module, participants will be able to demonstrate an understanding of:

• FICA Record-Keeping Requirements: Detailed knowledge of sections 22 and 22A of FICA, including types of records that must be maintained (ID&V, transactional, governance, management, and risk assessment records).
• Duration and Format of Record Keeping: Understanding the mandated duration for keeping various records and the legal acceptability of electronic records.
• Roles and Responsibilities: Clarity on the non-delegable nature of record-keeping responsibilities, even when third parties are involved.
• Regulatory Compliance: Insight into how effective record-keeping forms a critical part of AML compliance and the potential legal and operational implications of non-compliance.
• Risk Management: Understanding how proper record-keeping practices contribute to broader risk management and AML strategies within an organization.
• Technological Solutions: Awareness of the latest technology and tools used in maintaining and retrieving records efficiently.

Who should attend

The programme is specifically recommended for those who are planning to write the AMLC Prac (SA) board exam and designed for those directly involved in or affected by AML record-keeping processes, making it highly relevant and beneficial for their roles. e.g.

• AML advisors
• Consultants providing AML compliance related services to clients
• Assurance providers
• Compliance Officers: Overseeing compliance with AML regulations, particularly record-keeping requirements.
• Risk Managers: Involved in managing risks associated with non-compliance and ensuring effective record-keeping practices.
• Legal Advisors: Advising on legal compliance and regulatory matters in AML, including record-keeping.
• Financial Intelligence Analysts: Handling financial data and ensuring accurate record-keeping for AML purposes.
• Banking Professionals: Especially those in client onboarding or transaction monitoring roles, where record-keeping is crucial.
• Auditors and Regulatory Affairs Specialists: Ensuring that institutions adhere to AML record-keeping regulations.
• IT Professionals in Financial Institutions: Managing technological aspects of record-keeping, including digital storage and security.

Preparation for the course

These prerequisites ensure participants are well-prepared to grasp the complex topics covered in the course.

• Basic Understanding of AML Concepts: A foundational knowledge of AML principles and the general legal framework surrounding financial crimes.
• Familiarity with Financial Operations: An understanding of how financial institutions operate, including client onboarding, transaction processing, and risk assessment procedures.
• Awareness of the Regulatory Environment: Basic awareness of the regulatory landscape in which their institution operates, including knowledge of key regulations and supervisory bodies.
• IT Proficiency: Basic IT skills, particularly in handling electronic records and using standard office software, as much of the record-keeping might be digital.

Included in the training

• Slide deck
• Practical self-reflecting assessments and exercises during the training
• Other reference material provided before & during the event

Investment (Virtual):

Member: R2,226 excl. VAT | R2,560 incl. VAT

Non-member: R2448.60 excl. VAT | R2,815 incl. VAT

Non-SA options for above excludes VAT

For inhouse training enquire at enquiries@compliancesa.com or complete this inhouse enquiry form​

CPD: 6 hours

Your professional development roadmap - what is next?"

The AML training programme consists of a total of 7 courses in the series. These are the next courses in order of sequence. It is highly recommended to attend all courses in the series in preparation for the AMLC Prac (SA) board exam however it is not compulsory:

1 - AML in South Africa (6 hours)

2 - AML - Mastering the risk-based approach and risk assessment (6 hours)

3 - AML - Mastering AML Reporting in the South African Arena (2 days of 6 hours each)

5 - AML - Risk Management and Compliance Program (RMCP) (2 days of 6 hours per day)

6 - AML - Deploying Technology Against Money Laundering (2 days of 6 hours each)

7 - AML - Audit and programme enhancement (3 hours)