Tag: RelyComply

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.

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 a recent newsletter, President Cyril Ramaphosa said that South Africa knows what needs to be done to be removed from the greylist and that the fundamentals are in place. Eight areas of strategic deficiency have been identified by the Financial Action Task Force (FATF) which government needs to urgently address in order to get off the greylist.