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
Welcome to RelyComply’s comprehensive guide to help you unlock the power of KYB (Know Your Business). In this guide, we’ll cover everything you need to know and why it’s an essential part of your compliance program. What is KYB? KYB, or Know Your Business, is a process used by businesses to verify the identity and business information … Continued
Transaction monitoring is a vital aspect of any business’s anti-money laundering (AML) and fraud prevention measures. It entails tracking financial transactions to identify and prevent any suspicious or fraudulent activity. The recent decision of the Financial Action Task Force (FATF) to grey-list South Africa for not meeting global AML/CTF standards highlights the significance of strong transaction monitoring solutions … Continued
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