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Essentials to look for in a platform to fight fraud and...

Choosing the decisioning platform for your organisation to combat fraud and financial crime. There are a growing number of decisioning platforms to choose from to combat fraud and financial crime. Many find making the right selection overwhelming, knowing that the choice made will have a lasting, monumental impact on their organisation for years to come.

General obligations for accountable institutions in terms of the FIC Act

Businesses that are considered as vulnerable to being abused for money laundering and terrorist financing purposes by criminals are listed as accountable institutions in terms of the Financial Intelligence Centre Act, 38 of 2001 (FIC Act). And, as such, these institutions must meet certain regulatory obligations that are designed to help combat financial crime.

What professional bodies do to minimise misconduct and crime

The primary responsibility of every accountant is to serve the public interest first. But, as asked by the Roman poet Juvenal, 'Who will guard the guards themselves?' Who ensures accountants remain accountable? This is the function of professional accountancy organisations (PAOs), and it is the reason every accountant should be a member of such an association.

Fraud management during a pandemic

Being nimble and awake to the rapid changes occurring to bank fraud will be essential. History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime.

Towards a transparent system of beneficial ownership

Financial crime in the world is a significant problem that South Africa and the global community have to deal with on a continual basis. A week hardly passes by where the media doesn’t report on a case involving alleged fraud, corruption or looting of funds that did not end up in the hands they were originally intended. This has the potential to devastate the economic balance.

Financial scams – avoid becoming a victim

South Africa has significantly more financial crime than most other countries. With a rate of 77% compared to a global average of 49%, SA is something of a hotbed for fraud and scams. As consumers and insurance-seekers we need to understand the risks of economic crime and how to avoid becoming a victim, the risks of committing insurance fraud and how to avoid being inadvertent perpetrators of fraud ourselves, by for example, omitting information in an insurance application

South Africans are urged to be aware when it comes to...

Off the back of National Savings Month – which was celebrated in July – followed by South Africa honouring its women in August as it celebrated National Women’s Month. It is fitting that these two months are celebrated after each other. South Africans hold their women in high regard as they play a vital role not only in society, but in the home.

Building a united front on financial crimes

Cyber attacks against financial services firms and other sectors have increased in number, size and sophistication. Globally, cybercriminals have launched large-scale attacks against banks and other financial institutions, siphoning billions of dollars from bank accounts as well as stealing millions of credit card records.

REPORT | True cost of financial crime Africa

Africa has a higher percentage of companies affected by fraud, theft, money laundering or other financial crimes than the global average, according to one of the most comprehensive surveys of international business to date. Thomson Reuters commissioned the survey of more than 2,300 senior business leaders in large companies to shine a light on how pervasive such crimes have become across the world.

Bribery & Corruption Management demand Policy not mere Formality!

Policies to manage bribery and corruption risks need to be more than formalities as recent corruption scandals involving corporate entities, both in South Africa...


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