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Author Archive | This article was paid for by the FIC

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Inadequate money laundering risk management exposes businesses to criminal exploitation

Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force (FATF) assessment of South Africa’s system for anti-money laundering, countering the financing of terrorism and countering the financing of the proliferation of […]

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Verification of client’s beneficial ownership is an essential element of FIC compliance

Financial Service Providers (FSPs) play a crucial gate keeping role through which entry to financial markets can be accessed. Unfortunately, criminals are aware of this access point, and seek to exploit vulnerabilities of FSPs. More so, criminals who hide behind veils of corporate secrecy often seek to abuse the services and products of FSPs to […]

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