GLA Act and its impact on Accountants

What you will learn

By the end of this webinar, you will: 

• Understand which sections of the Companies Act, Trust Act, NPO Act, FAIS Act, and Financial Intelligence Centre Act will be amended and why.   
• Be aware of the additional work you will be able to perform to ensure your clients remain compliant.   
• Understand how accountants can go about assisting entities to comply with the provisions of the Bill and join the fight against money laundering and terrorist financing. 

Description

20% of your practice income is earned from doing Company Secretarial work for your clients. This includes registering business entities, doing all the filing and keeping all the supporting records.  

New amendments to the 5 most important Acts affecting the work of accountants will have an impact on how you do your work and will make your clients more dependent on you.  

Parliament has just adopted the General Laws Amendment Bill, 2022 and this means big changes to the governance of Companies, NPOs, Trusts, Financial Intelligence Centre, and Financial Services.  

The changes are due to the report by the Financial Action Task Force that found South African corporate entities exposed to money laundering and terrorist financing. To prevent this abuse corporate entities will now have to register and disclose their beneficial owners and build a risk-based approach to ensure avoidance and protection from illegal cash flows.  

Price

The following pricing apply:

Ad hoc: This webinar is free for CIBA members

Content

The webinar will cover the following topics: 

• 1. What is greylisting and who is the FATF?
     1.1 Moneylaundering
     1.2 Terrorist financing
     1.3 Evaluation report findings
     1.4 Ongoing risk assessment
     1.5 Key role players and their responsibilities
     1.6 The important role of the accounting profession
  2. Which Acts will be amended and why
  3. What are the amendments to the Companies, Trust, NPO, FAIS, and FIC Acts?
  4. How does this affect accountants?
     4.1 What are the amendments to my engagement procedures?
     4.2 How to do KYC procedures and ensure proper record keeping
     4.3 How to explain the amendments to your clients
     4.4 How much can I charge for the additional work in terms of the amendments.

Requirements

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date

Presenter

Eszter Rapanos, Technical Author, CIBA 

 Eszter has over 20 years’ experience in financial accounting, auditing and education, including capacity building and framework development. She is a qualified Chartered Accountant CA(SA), who completed her Bcom Financial Acounting degree at the University of Pretoria, her Bcompt Hon and a Postgraduate diploma in auditing at Unisa. She started her career in the Auditor-General South Africa as an audit manager. She completed various professional projects financed amongst others by the European Union, World Bank, the German Cooperation Agency (GIZ) and KFW. Her career included being the Training and Quality control manager at an accounting firm, before joining SAIBA as Technical Author. 

SAIBA Academy Support

Login to SAIBA Academy
Select My Dashboard
Select Submit a Ticket to log a new query