Tag: FinancialCrime
Fraud defence – do silos still work?
The Financial Sector Conduct Authority's (FSCA) call for a centralised anti-fraud hub at its 2026 conference reflects a timely recognition that South Africa's financial institutions (FIs) cannot successfully fight financial crime in isolation. However, centralisation alone is not enough.
Bad partnerships can break good businesses
South African businesses do not need to look far for a cautionary tale. The fallout from the Steinhoff scandal continues to reveal how weak governance, inadequate scrutiny of business relationships and unchecked transactions can destroy billions in shareholder value. What began as aggressive growth ultimately became one of the country’s most expensive lessons on the cost of insufficient oversight.
FICA compliance training – protecting institutions from risk
Earlier in November 2025, the South African Reserve Bank announced administrative sanctions against two finance companies. Regulators imposed these sanctions after the companies failed to comply with the Financial Intelligence Centre Act (FICA).
Digital banking fraud is growing – consumers must stay alert
Digital and mobile-first banking has changed our lives for the better. However, it has exposed consumers and institutions to increasingly complex financial crime threats. Digital banking fraud now represents one of the fastest-growing risk categories in South Africa.
The property sector’s role in financial crime prevention
Stringent enforcement of Anti-Money Laundering (AML) regulations places heavy responsibility on banks and other Financial Institutions (FIs). These institutions must take great care when onboarding customers. They must also track the source and destination of funds to ensure compliance. However, FIs do not operate in isolation.
