Tag: Anti-Money Laundering (AML)

Designated Non-Financial Businesses and Professions (DNFBPs) registered with the Financial Intelligence Centre (FIC) have shown positive efforts. Importantly, their commitment has significantly contributed to progress. And as a result, South Africa is now closer to exiting the Financial Action Task Force (FATF) grey list.

The 2025 Budget Speech, delivered on 12 March 2025, made it clear that financial crime enforcement and compliance are priorities. The government has allocated increased funding for forensic investigations, regulatory oversight and tax compliance monitoring

FICA Compliance and Penalties are becoming critical considerations for South African businesses, as non-compliance can lead to severe financial and reputational consequences.

Television series like Breaking Bad and Ozark reflect the public’s fascination with money laundering and its criminals. Yet, in reality, laundering is far more sophisticated, dangerous, and far-reaching than the fictional exploits of Walter White or Marty Byrde. Unregulated gambling and financial crime are increasingly interconnected, providing criminals with new avenues to launder illicit funds globally.

It is that time of year again when you are swapping out your summer wardrobes for your festive season attire. You are having a long-overdue de-clutter and booking annual check-ups for the family. While you are at it, take the opportunity for your annual personal estate review to re-evaluate your estate documents and give the administrative side of your life a thorough spring-clean too!

Strengthening digital verification methods in financial services is essential to combat fraud, ensure regulatory compliance, and enhance customer trust in today's rapidly evolving digital landscape. Digital onboarding and real-time transactions are key to delivering a slick customer experience for financial services today. However, this open trading world has created gaps for financial criminals, including money launderers, terrorist financiers, and fraudsters, to exploit.

In South Africa, navigating the rapidly changing landscape of workplace training can feel overwhelming. We are in the midst of a momentous transition to the Occupational Qualification Sub-Framework (OQSF) overseen by the Quality Council for Trades and Occupations (QCTO) and this shift is surrounded by much uncertainty.

Companies can leverage identity platforms to create internal Ultimate Beneficial Owner (UBO) databases. What are the risks of unintentionally transacting with a shady shell company or funds gained from criminal activities? In South Africa, it's substantial.

The South African retail industry operates in a complex and challenging environment. Economic uncertainty, rising costs, and unpredictable consumer demands have created conditions in which retailers must constantly adapt to survive.

Despite being viewed as an administrative and burdensome expense with excessive paperwork sometimes causing potential delays to establishing business relationships and concluding transactions, Financial Intelligence Centre Act (FICA) compliance is more crucial than ever.