Tag: FATF

As regulatory demands intensify and financial crimes grow more complex, financial institutions and regulated businesses are under mounting pressure to modernise their risk assessment...

When criminal organisations generate illegal profits, they must clean or ‘launder’ the money before it can be safely used in the legitimate economy. This is typically done through a carefully structured three-stage process. Understanding these stages is vital for businesses implementing anti-money laundering (AML) strategies, as it can help identify potential criminal activity.

Money laundering remains a significant threat to financial systems worldwide, not only as a crime in itself but also as a key enabler of serious criminal activities such as drug trafficking, human smuggling, and terrorism. Consequently, it is critical for all businesses handling substantial sums of money to implement robust AML procedures.

Money laundering is a serious global issue that enables grave crimes such as drug trafficking, human smuggling, and terrorism. For businesses handling significant financial transactions, it is crucial to establish robust anti-money laundering (AML) measures. These include detailed Know Your Customer (KYC) and Know Your Business (KYB) processes that involve rigorous identification, verification, screening, and monitoring of both individual and corporate clients.

The intersection of cybersecurity and financial crime has emerged as a pivotal area of concern for both regulators and businesses globally.

In December 2024, the South African Treasury published the draft AML and CTF Amendment Bill, which is now open for public comment.

Money laundering is a global issue, undermining economies and enabling illicit activities by disguising illegal funds as legitimate. This pervasive challenge affects financial institutions and high-risk industries, making Anti-Money Laundering (AML) measures essential to combat it effectively.

The FATF has placed significant emphasis on the revision of Recommendation 16, known as the "Travel Rule," in response to the evolving landscape of payment technologies.

In July 2024, the FCA initiated a crucial dialogue within the financial sector by opening a consultation aimed at refining the treatment of PEPs. 

In the evolving landscape of financial regulation, institutions face increasing pressure to implement robust due diligence systems.