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Combating the scourge of financial crime, organized criminality, and corruption in South Africa requires an all-hands-on-deck approach from both the public and private sectors. This was the resounding message from advocate Xolisile Khanyile at a recent Fighting Financial Crime conference hosted by compliance leader DocFox in Johannesburg.chapter, former chair of the Egmont Group, and former Director of South Africa’s Financial Intelligence Unit .
She cited numerous red flags: these gatekeepers need to vigilantly monitor clients paying fees in difficult-to-trace cash, clients claiming to represent third parties, dealings in high-risk foreign jurisdictions or cryptocurrencies, so-called “pig butchering” investment scams, and more. “You must know your customers, their sources of funds, and any risks they pose. Complacency here is unacceptable.
“Our software provides an intuitive yet incredibly robust solution for meeting all FICA’s ‘know your customer’ requirements head-on,” said“Businesses can effortlessly validate customer identities, analyze for high-risk factors, maintain comprehensive audit trails, and instantly surface any potential politically exposed or sanctions-related clients—all through intelligent automation.”
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