Tag: Suspicious Activity Report (SAR)
New AML scores use AL and ML to detect more money...
New Anti-Money Laundering (AML) scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky. Money laundering continues to fuel crime and terrorism globally, with the UN estimating up to $2 trillion moved illegally each year.
Accountable institutions and their FIC Act obligations
The Financial Intelligence Centre (FIC) is set to include more sectors under its purview as accountable institutions while addressing gaps that may exist in the country’s anti-money laundering and counter-terrorist financing framework.
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.
