Tag: financial crime

After demonstrating significant progress in strengthening the effectiveness of its anti-money-laundering (AML) and counter-financing of terrorism (CFT) measures, South Africa was recently removed from the Financial Action Task Force’s (FATF) grey list.

South Africa has tightened Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations since the Financial Action Task Force (FATF) greylisting in 2023. The country has now been recently removed from the FATF greylist after two years of scrutiny. However, financial crime remains widespread.

We welcome the decision by the Financial Action Task Force (FATF) to remove South Africa from the list of jurisdictions under increased monitoring, also known as the “grey list”. The FATF announced this decision on Friday, 24 October, at the conclusion of its plenary held from 20 to 24 October 2025. This announcement came 32 months after our country was placed on the grey list in February 2023.

Along with the rest of the world, Africa is using artificial intelligence (AI) to crunch large datasets, boost productivity, improve customer relations and even save lives. Africa is harnessing AI power to reshape industries and communities. The benefits AI is expected to bring to the world are enormous.

Flashy Artificial Intelligence (AI) applications like generative art and self-driving cars dominate headlines. Still, AI and Machine Learning (ML) play a quiet background role in our daily lives. Nowhere is AI’s growing influence more apparent than in financial services. AI systems are increasingly protecting both the financial system and its customers.

In response to an increasingly volatile economic landscape, South African businesses are turning to trade credit insurance. They use it as a strategic tool to safeguard their operations against the risks of non-payment and insolvency. This surge in uptake of trade credit insurance reflects a growing recognition of its critical role.

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!