As the world becomes increasingly digital, the financial landscape has undergone a significant transformation. The rise of new technologies has brought many benefits to the financial sector, but it has also created new challenges, particularly when it comes to Anti-Money Laundering (AML) compliance. With the volume and complexity of financial transactions growing each day, businesses … Continued
On 20 January 2023, The Financial Intelligence Centre announced the commencement of Sections 31 and 56 of the Financial Intelligence Centre Act, 2001 (FICA) will take effect on 1 February 2023. What is an IFTR? An IFTR “International Funds Transfer Report” requires accountable Financial Institutions (FIs) and non-financial businesses to report certain information about electronic fund transfers that come in … Continued
Anyone who has engaged with financial institutions, currency exchanges or nimble fintech startups long enough has heard the term ‘know your customer’ (KYC). Compliance varies by country, but the gist of it is the set of regulatory requirements that financial enterprises must meet in order to verify new and current customers. Initially a document-heavy process, today’s … Continued
Doing business with a known criminal is bad for business. At least, if you’re a reputable company looking to keep your reputation intact. But, what if it is your customer who is engaging in financial activity with a suspicious party? Take, for instance, the recent US sanctioning of a number of ISIS members operating economically within South … Continued