
South Africas Efforts to Get Off the Grey List
The South African Department of Social Development has begun deregistering non-compliant non-profit organizations (NPOs) in an effort to bolster efforts to remove them on the FATF grey list. The nation's commitment to resolving the concerns brought up by the Financial Action Task Force (FATF) includes this action.

High-Risk AML Countries
Businesses are required under Anti-Money Laundering/Counter-Terrorism Financing (AML/CFT) legislation to recognize, evaluate, and comprehend the risks associated with potential money laundering. However, each jurisdiction has its own set of rules.

Importance of Discovering Ultimate Beneficial Owner
Global regulators have been attempting to devise strategies to counter the proliferation of money laundering. Governments found a due diligence gap—a lack of beneficial ownership transparency—after the Panama Papers were exposed. This made it possible for transgressors to send money abroad.

What are the Costs of Compliance
With the ever-increasing space of compliance, more and more entities are falling under regulatory requirements from the FIC which is constantly updating and refining their requirements, to encompass as many different types of institutions as possible, in an attempt to remove South Africa from the grey list and prevent us from being grey listed again in the future.

Consequences of Someone Stealing your Data
In this day and age we have become numb with the speed and ease of online signups and freely hand out our information and documents to register with a platform or game as soon as possible without pausing and giving thought to the consequences of this information falling into the wrong person’s hands.