Secondary

risk-assessment

FIC releases risk reports for Krugerrand dealers, estate agents and lawyers

The Financial Intelligence Centre (FIC) has issued three reports aimed at equipping Krugerrand dealers, estate agents and lawyers to understand and identify the potential money laundering and terrorism-financing risks they face.

The FIC said the reports provide indicators of some of the methods criminals may use to exploit the vulnerabilities in these sectors.

They also outline the risks that Krugerrand dealers, estate agents and lawyers may face in terms of their products and services, clients, transactions, delivery channels and geographic location.

Christopher Malan, the executive manager for compliance and prevention at the FIC, said a better understanding of potential money laundering risks will better equip Krugerrand dealers, estate agents and lawyers “to look out for negative financial behaviour and provide timeous and detailed regulatory reports to the FIC. This is the starting point of effecting South Africa’s regime for combating money laundering and helping to ensure that our institutions have the necessary protection against crime.”

Click here to download the estate agency sector risk report.

Click here to download the Krugerrand dealers risk report.

Click here to download the legal practitioners risk report.

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