Staying on the right side of regulators is a major concern for financial institutions worldwide. Misunderstanding compliance measures may lead to hefty anti-money laundering fines (AML) that can damage reputations and bottom lines. In the UK and South Africa, regulators have doled out multi-million pound/rand penalties to banks, insurers and others for significant compliance failures in recent … Continued
Robust legal support for AML Whistleblower Protection is crucial to encourage reporting and safeguard those who speak up to help prevent financial crimes including money laundering and terrorist financing. Whistleblowers who report suspicious transactions or activities can provide invaluable insights that allow authorities to detect and prosecute crimes that may otherwise go unnoticed. However, potential … Continued
Our world has been built by culture. It’s an inescapable part of humankind, comprising behaviours, communication systems, customs and schools of thought. Evolving cultures stemming from ancient civilisations all the way to the present day teach us about the various ways we can solve societal problems and progress. In that regard, anti-money laundering (AML) compliance for … Continued
The concept of Beneficial Ownership transparency has recently taken centre stage in AML compliance and the combating of financial crime. Understanding who owns or controls a company or asset—the so-called “beneficial owner”—is crucial for promoting accountability and integrity across financial systems worldwide. This article will explore the significance of beneficial ownership, the current regulations and challenges … Continued
Anti-money laundering (AML) regulations are complex, but companies and financial institutions must comply to avoid steep penalties and reputational damage. This comprehensive guide provides details on achieving AML compliance. What is AML Compliance? AML compliance refers to the policies, procedures, and controls governments implement to detect, prevent, and report money laundering and terrorist financing. It … Continued
By Bradley Elliott, CEO Have you heard the story of Franklin D. Roosevelt murdering his grandmother? There should be an emphasis on ‘story’, as this urban myth is based on a dark joke FDR allegedly played at important receptions. Politely whispering to his esteemed guests that he’d killed his grandmother was a way to work … Continued
In the battle against financial crime, compliance officers may feel like middlemen, but understanding the cost of AML CFT compliance is crucial to properly budget and staff anti-money laundering and counter-terrorist financing programs, which have become far more strict in financial services. Staying up-to-date with a complex, ever-changing fin crime landscape is a feat that … Continued
With financial crime on the rise, global industries are finding new ways to fight back. Regulators have had little choice but to be more stringent with legislation when the real-world impact of money laundering and terrorist financing can be so worrying. Streamlining AML compliance is more important than ever. The financial world finds itself in the … Continued
Complying with the Financial Intelligence Centre’s (FIC) 2023 Directive 8 on employee screening is mandated for accountable institutions. It formalises compliance for employment purposes while assessing for money laundering, terrorist financing, and proliferation financing risks. Digging deeper into who you have hired should be a given. Knowing how to do it thoroughly is a whole other matter. … Continued
In recent months, directives from the Financial Intelligence Centre (FIC) to accountable institutions have not gone unnoticed. As efforts to combat financial crime have scaled in light of the country’s greylisting, businesses across the financial field have felt the added compliance load. Legal practitioners are no exception, where Directive 6 mandates Risk and Compliance Reporting to the … Continued