Results for money laundering

News

Millions stolen by Bobroffs should be forfeited to State, court rules
Millions stolen by Bobroffs should be forfeited to State, court rulesArticle

The SCA has dismissed with costs the appeal by Ronald and Darren Bobroff against an order of the North Gauteng High Court granting the permanent forfeiture of more than R103 million...

3 days ago

Fica and KYC compliance for property professionals
Fica and KYC compliance for property professionalsArticle

LexisNexis will host a free webinar on 4 May 2021 at 10am, specifically looking at KYC verification as a subset of Fica compliance...

Issued by LexisNexis 22 Apr 2021

Protect your business by protecting your whistle-blowers
Protect your business by protecting your whistle-blowersArticle

It is the professional duty of business leaders to protect whistle-blowers. The C-suite of any organisation ultimately has a responsibility to make sure they protect the company's bottom line...

Zaakir Mohamed 21 Apr 2021

CAFSA launches Validate4Good to help NPOs become eligible for funding
CAFSA launches Validate4Good to help NPOs become eligible for fundingArticle

Research by the CAFSA has revealed that some NPOs, while rendering critical services, don't have the compliance resources or expertise to be deemed grant ready...

7 Apr 2021

Cybersecurity is key during digital transformation in the financial services sector
Cybersecurity is key during digital transformation in the financial services sectorArticle

The financial services landscape is changing quickly as banks face increasing competition from technology-based financial services...

Sarthak Rohal 31 Mar 2021

Attorney arrested in SAPS branding case
Attorney arrested in SAPS branding caseArticle

Pretoria-based attorney, Reshay Ramsamy Naidoo, has been released on bail for his alleged role in the multi-million rand SAPS branding corruption case...

25 Mar 2021

Professional accountants' responsibility to act in the public interest during Covid-19
Professional accountants' responsibility to act in the public interest during Covid-19Article

2020 was arguably one of the most difficult in our lifetime, with SA and the rest of the world facing challenges across all facets of life, writes Saica's Jeanne Viljoen...

Jeanne Viljoen, Issued by SAICA 15 Mar 2021

Debunking blockchain and cryptocurrency myths
Debunking blockchain and cryptocurrency mythsArticle

One of the greater barriers to investment and adoption of cryptos and blockchain technology lies within the scepticism that surrounds it...

Sean Sanders 26 Feb 2021

Social justice and compliance - anti-corruption unpacked
Social justice and compliance - anti-corruption unpackedArticle

I am a firm believer that anti-corruption compliance and social justice are synonymous with one another. And when we address the crimes of bribery and corruption, we have to ask; do bribery and corruption speak to the collective welfare of the state and, in turn, make an impact on social justice?

Rui Lopes 15 Feb 2021

James George, compliance manager, Compli-Serve SA.
KYC compliance catches up with cryptoArticle

Know your customer (KYC) procedures are still a work-in-progress in the cryptocurrency industry. But businesses in this space, though still largely unregulated, need to comply with anti-money laundering (AML) legislation or risk facing punitive measures.

James George 20 Jan 2021

#BizTrends2021: 3 big issues demanding legal attention this year
#BizTrends2021: 3 big issues demanding legal attention this yearArticle

Three broad themes emerging in South Africa in 2021, which will require extensive input from the legal profession, are: changes to the economy and regulation prompted by Covid-19; moves by government and the private sector to stimulate economic recovery; and a greater focus on corporate responsibility and consumer protection...

Jonathan Veeran, Nozipho Mngomezulu and Burton Phillips 19 Jan 2021

Bushiri extradition request served on Malawi authorities
Bushiri extradition request served on Malawi authoritiesArticle

The Justice and Correctional Services Ministry has kick-started the process to extradite fugitives Shepard and Mary Bushiri who escaped the country while facing criminal charges...

7 Dec 2020

Sumit Kumar Sharma, enterprise architect at In2IT Technologies
Anti-money laundering can never be a tick-box exerciseArticle

Anti-money laundering (AML) compliance should not merely be a tick-box exercise for financial institutions, as it not only exposes the organisation to the risk of hefty non-compliance penalties and reputational damages...

Sumit Kumar Sharma 2 Dec 2020

Craig Hills
Corruption blitz highlights importance of KYC, FICArticle

Over 100 people have been arrested in South Africa's corruption crackdown in 2020 and it's of particular interest to note that many of these cases involve allegations of money laundering and fraud.

Craig Hills 1 Dec 2020

FSCA takes first steps in the regulation of crypto assets
FSCA takes first steps in the regulation of crypto assetsArticle

On 20 November 2020, the FSCA issued a draft Declaration of crypto assets as a financial product (draft Declaration) under the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act)...

Desiree Reddy 24 Nov 2020

Government investigating Bushiris' escape
Government investigating Bushiris' escapeArticle

Government has reiterated its commitment to investigating and swiftly extraditing fugitive evangelical couple, Shepard and Mary Bushiri, who daringly escaped from the country while facing criminal charges...

23 Nov 2020

October's free LexisNexis Case Law Index is available - sign up here
October's free LexisNexis Case Law Index is available - sign up hereArticle

The October index of the free, online LexisNexis Case Law repository is now available and, once again, highlights some of the interesting precedent setting cases considered by South Africa's courts recently...

Issued by LexisNexis 13 Nov 2020

FinCEN leak highlights need for proactive KYC in AML processes
FinCEN leak highlights need for proactive KYC in AML processesArticle

Financial sector due diligence and compliance with anti-money laundering regulations are back in the spotlight with the release of the FinCEN files in September 2020 - the latest in a string of leaks over the past five years that have exposed secret deals, money laundering and financial crime...

Issued by LexisNexis 27 Oct 2020

Eskom head office
Eskom probe leads to four arrests, 5,000 face disciplinary proceedingsArticle

Members of Parliament have heard how R44.4m was channelled from Eskom's contractors, through sub-contracted companies, to four Eskom officials in a Special Investigating Unit (SIU) probe, which has led to four arrests...

15 Oct 2020

A man makes a payment from his mobile phone for basic food items including bread at a local tuck shop in Epworth, on the outskirts of Harare. Photo by Jekesai Njikizana/AFP via Getty Images
Zimbabwe's restrictions on mobile money transfers are a blow to financial inclusionArticle

Mobile financial services are, in most African countries, born out of crises. In 2011, Zimbabwe had gone through a volatile decade of economic crises - hyperinflation, currency instability and a collapse of the formal financial system...

Marcia Kwaramba 14 Oct 2020

First VBS conviction as former VBS executive goes to jail
First VBS conviction as former VBS executive goes to jailArticle

The former Venda Building Society (VBS) Bank Chief Financial Officer, Philip Truter, will spend seven years behind bars after pleading guilty to charges of fraud, corruption, money laundering and racketeering...

7 Oct 2020

Image: Impact
Illicit gold thrives in DRCArticle

Ilicit gold trade continues to thrive in the Democratic Republic of Congo (DRC) despite efforts to clean up the sector, according to Impact's latest report.

18 Sep 2020

Are cryptocurrencies the 21st century's biggest fraud?
Are cryptocurrencies the 21st century's biggest fraud?Article

As of 5 May 2020, Tether was the world's most purchased cryptocurrency, with $56.16bn in 24-hour trade volume. However, Tether did not appear in the list of top five cryptocurrencies...

13 Jul 2020

Proposed amendments to FICA schedules
Proposed amendments to FICA schedulesArticle

On 19 June 2020 the Minister of Finance, in terms of the Financial Intelligence Centre Act, 38 of 2001 (FICA), published proposed amendments to Schedules 1, 2 and 3 for public comment. The proposed amendments will align FICA with the current International Standards of the Financial Action Task Force (FATF) as well as recent legislative amendments...

Seshree Govender and Nonjabulo Mthembu 9 Jul 2020

Emmanuel DeGroote, regional head of compliance, Africa and Middle East for Standard Chartered
A robust fintech regulatory framework is crucial to Africa's financial prospectsArticle

Over the last decade, Africa has witnessed a sweeping transformation in the financial sector. Millions of formerly unbanked Africans today use banking facilities with the touch of their fingers through mobile applications...

Emmanuel DeGroote 17 Jun 2020

Milton Segal
Beneficial ownership - a South African perspectiveArticle

Financial crime in the world is a significant problem that South Africa and the global community have to deal with on a continual basis...

11 Jun 2020

Mauritius on EU high risk list - why not to panic!
Mauritius on EU high risk list - why not to panic!Article

News that Mauritius was added to the EU list of high-risk third countries on 7 May 2020 has understandably caused much consternation amongst fund managers who have fund structures and investment holding vehicles domiciled in Mauritius...

Nicole Paige, Ashford Nyatsumba, Michael Denenga and Gitte Truter 20 May 2020

Money laundering risks in a global pandemic
Money laundering risks in a global pandemicArticle

The Financial Intelligence Centre (FIC) published a notice in March 2020 indicating that there will be no relaxation of obligations under the Financial Intelligence Centre Act 2001 (FICA) during the nationwide lockdown. A robust money-laundering policy ought to form an integral part of any company's compliance program. Business's compliance functions must operate effectively, even if remotely...

Marelise Van Der Westhuizen and Sabeeha Kathrada-Khan 15 May 2020

A sneak-peek at the future of crypto asset regulation in South Africa
A sneak-peek at the future of crypto asset regulation in South AfricaArticle

The Intergovernmental Fintech Working Group (IFWG) has released its long-awaited position paper on crypto assets following the initial consultation paper published in 2019...

Seshree Govender, Cindy Liebowitz & Fatima Ismail 13 May 2020

Combining the power of man and machine
Combining the power of man and machineArticle

A league of 21st-century trailblazing enterprises are already successfully leveraging artificial intelligence (AI) and robotics to leap ahead in innovation, growth and ultimately, maximise profit...

Karthik Venkataraman 17 Apr 2020

IFWG releases position paper on crypto assets
IFWG releases position paper on crypto assetsArticle

Regulators across the globe are formulating frameworks for dealing with crypto assets as a deeper collective understanding of this technology unfolds...

16 Apr 2020

#BlockchainAfrica: Cryptocurrency adoption and developments in Africa
#BlockchainAfrica: Cryptocurrency adoption and developments in AfricaArticle

Gareth Grobler is a digital currency entrepreneur and founded the cryptocurrency exchange iCE3X in 2013. He is a founding member of the UK Digital Currency Association...

26 Mar 2020

Pam Golding under investigation for allegedly accepting proceeds of fraud
Pam Golding under investigation for allegedly accepting proceeds of fraudArticle

NEWSWATCH: The Estate Agency Affairs Board (EAAB) is currently looking into allegations made against Pam Golding Properties that it contravened financial laws...

3 Mar 2020

Why upfront rental payments should be approached with caution
Why upfront rental payments should be approached with cautionArticle

While a landlord may be impressed and happy to receive upfront payments for between six to 12 months' rent in advance, the TPN Credit Bureau advises a cautious approach...

20 Feb 2020

Peter Harvey
The future of payments in SA and Africa will be based on pragmatismArticle

African merchants should support payment methods that suit their customers, rather than following global trends just for the sake of it...

Peter Harvey 21 Jan 2020

Does your company follow a due diligence checklist?
Does your company follow a due diligence checklist?Article

The three major types of due diligence are legal, commercial and financial and it is wise to follow a checklist when gathering any such information...

Issued by LexisNexis 21 Jan 2020

Avoid rather than ignore risk of corruption scandals
Avoid rather than ignore risk of corruption scandalsArticle

Corporate corruption scandals are an organisation's worst nightmare, as the ensuing consequences are difficult to detach from once they have been uncovered...

Issued by LexisNexis 21 Jan 2020

James George, compliance manager, Compli-Serve SA
Feeling the way through FicaArticle

As things currently stand, providers of short-term insurance are not deemed accountable institutions. However, discussions are underway within the corridors of the Financial Intelligence Centre (FIC) to determine whether they will be brought under this ambit...

James George 14 Jan 2020

Image source: Getty/Gallo
#BizTrends2020: What will happen in the crypto space?Article

Cryptocurrency is still something of an enigma for many investors, but will it become more mainstream as an asset class in 2020?

Marius Reitz 10 Jan 2020

Image source: Gallo/Getty]]
Justice Department officials arrested for fraudArticle

Two former Justice and Constitutional Development officials have appeared at the Zastron Magistrate Court in the Free State on charges of fraud...

24 Dec 2019

Former Eskom employees nabbed for fraud
Former Eskom employees nabbed for fraudArticle

Two former Eskom senior managers are among those arrested for alleged fraud, corruption and money laundering worth R745 million...

20 Dec 2019

Police officers detain Sahara Reporters journalist Victor Ogungbenro during a protest in Lagos, Nigeria, on August 5, 2019. Staff at the online newspaper report sustained harassment targeting them and their website. Credit: CPJ/AP/Sunday Alamba.
US-Nigeria website censoredArticle

US-Nigerian Sahara Reporters website reports assets frozen amid surveillance, censorship...

12 Dec 2019

Zuma's appeal application dismissed
Zuma's appeal application dismissedArticle

The Pietermaritzburg High Court has dismissed former President Jacob Zuma's appeal application with cost...

29 Nov 2019

Does your company follow a due diligence checklist?
Does your company follow a due diligence checklist?Article

Effective due diligence helps companies safeguard their interests and mitigate risks, whether in relation to anti-money laundering or anti-bribery compliance, M&A activity, supply chain transparency or overall business health...

Issued by LexisNexis 28 Nov 2019

Richard Rattue, MD, Compli-Serve SA
Suptech is upping the game in financial services data analysisArticle

A relatively new concept that joins the ranks of fintech, regtech and insurtech, suptech is shaking up data collection and analysis in financial services on a level we've never seen before...

Richard Rattue 20 Nov 2019

Time to push the reset button: navigating the ethics of impact investment in a world in flux
Time to push the reset button: navigating the ethics of impact investment in a world in fluxArticle

"The time has come for social purpose organisations to draw a line in the sand when it comes to accepting funds, creating policies and rolling out plans of action," says Reana Rossouw of Next Generation Consultants, a specialist management consultancy that focuses on impactful social innovation...

Issued by Next Generation 5 Nov 2019

Financial services platform launched for businesses in Nigeria
Financial services platform launched for businesses in NigeriaArticle

Carbon for Business is a digital financial services platform that provides startups, small and medium-sized enterprises (SMEs) and fintechs with the services and technology they need...

24 Oct 2019

Zuma's trial postponed to February 2020
Zuma's trial postponed to February 2020Article

The trial of former President Jacob Zuma has been postponed to 4 February next year...

15 Oct 2019

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