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Tag Archives | risk management and compliance programme

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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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compliance

Attorneys, FSPs and estate agents ‘most likely to be on the FIC’s radar’

Attorneys and estate agents are among the least likely to implement preventative measures to reduce money laundering and terrorist financing risks, according to the Financial Action Task Force’s Mutual Evaluation Report of South Africa in October 2021. The report also noted that while the larger banks file the best-quality reports in terms of transaction reports, […]

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