Description
Introduction
This outlines the development and implementation of a Risk Management and Compliance Programme (RMCP) in line with the Financial Intelligence Centre Act (FICA) for real estate agencies in South Africa.
Real estate agencies are classified as accountable institutions and must register with FIC and must implement a RMCP to identify, assess, monitor and manage risk related to money laundering and terrorist financing.
We conclude a RMCP in line with ISO31000:2018 Risk Management principles
Purpose of the RMCP
- Identify and assess
- Apply risk-based client due diligence
- Monitor transactions and client behaviour
- Ensure regulatory compliance
- Integrate risk management approach and framework
- Protect the business form financial crime risks
Objectives and deliverables
- Develop ISO 31000 aligned RMCP
- Ensure FICA compliance
- Establish risk management framework
- Supply policies and procedures and document templates
- Risk assessment reports and register
- Define roles and responsibilities of the compliance officer
- The reporting process
- Promote compliance culture
- Training material
Timeline
3 to 6 weeks depending on Organisation size
Benefits
- ISO 31000 alignment
- Improved governance
- Reduced risk
- Audit readiness with reporting documentation
The cost for implementation is now only R7000
FIC requires that all agents must be trained on FICA and the RMCP. The cost for training is R200 per learner and will be concluded online as an introduction course to FICA through our learning management system.
If face-to-face training is required at Infinity Academy in Benoni, it is R4000 from 10-12 on agreed date.
Conclusion
An ISO 31000 aligned RMCP strengthens governance, improves risk management and ensures compliance. It must be noted that your RMCP must be uploaded to the FIC website and we will have it all ready for you.
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