Tag: terrorist financing

The significance of having a robust Risk Management and Compliance Programme (RMCP) for combating Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF), cannot be taken lightly.

Designated Non-Financial Businesses and Professions (DNFBPs) registered with the Financial Intelligence Centre (FIC) have shown positive efforts. Importantly, their commitment has significantly contributed to progress. And as a result, South Africa is now closer to exiting the Financial Action Task Force (FATF) grey list.

The evolution of South Africa's debit order landscape has marked a journey of significant milestones. The shift from the Registered Mandate Service (RMS) to the Registered Mandate (RM) payment stream requires businesses and consumers to understand its effects.

After years of threatening non-compliant trusts with penalties for late tax return submissions, South African Revenue Service's (SARS) leniency seems to be ending.

FICA Compliance and Penalties are becoming critical considerations for South African businesses, as non-compliance can lead to severe financial and reputational consequences.

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!

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.

Companies can leverage identity platforms to create internal Ultimate Beneficial Owner (UBO) databases. What are the risks of unintentionally transacting with a shady shell company or funds gained from criminal activities? In South Africa, it's substantial.

The trade finance ecosystem plays a crucial role in facilitating international trade by providing financing and risk mitigation services to importers, exporters and other participants in the global supply chain. In recent years, the trade finance ecosystem has undergone significant transformations driven by technological advancements and the growing importance of data – and we’re proud to be leading the charge in and for Africa.

Locally, as trust compliance becomes more complex and trusts become more costly to administer, their value is increasingly being questioned. However, a trust’s worth extends beyond its financial benefits, and as such, they are still very relevant tools to use in a well-crafted estate plan, especially for high-net-worth families.