In FICA (Financial Intelligence Centre Act 38 of 2001: Guidelines, Natasha Lodewyks gives an overview of what FICA requires from attorneys with regard to client identification, record keeping, the reporting of suspicious and illegal transactions, and compliance implementation. Circumstances when clients must be FICA’ed are outlined and discussed while the point is made that even when a client is exempted, (if there is certainty that the value of a client’s account will never exceed R100 000 over a 12 month period) an exemption form still needs to be completed.
In Financial transactions and the risk of phishing and spoofing, forensic experts Brandon Buckton and Ilse Grobler discuss the biggest threats to financial well-being and privacy.
To wit:
Spoofing which is where the e-mail address appears at face value to be that of one person, whereas it is in fact a similar e-mail address – but communication is sent to a completely different person; and
Phishing which is where e-mails contain a link to a website which appears to be that of a service provider often visited by the user, enticing the user to enter personal details such as a user’s username and password into the site, causing the recipient to obtain unfettered access to banking accounts, client information and the like.
Tips such as using and updating the best anti-virus software; having secondary processes to confirm banking details and being wary of “autocomplete” functionality with financial transactions are given.
This Risk Alert Bulletin is also the last one to be edited by Ann Bertelsmann who introduces Thomas Harban as the new Risk Manager/Editor.
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