We are pleased to announced we have launched our AML Information Service from 1 September 2021. This is a comprehensive information-only service that helps our clients to manage risks, carry out Customer Due Diligence and stay up to date with AML compliance requirements.

All accountable institutions must develop, implement, and maintain a risk-based AML strategy. It should protect the institution from all risks associated with money-laundering or terrorism financing, and other financial crimes through compliance with relevant AML or Counter Terrorism Financing (CFT) regulations.

Our AML Information Service will assist AML professionals and money laundering compliance officers (MLROs) alike to stay compliant with regulations and to manage and mitigate compliance risks.

Sophisticated international networks of criminals and technologies exist to move or store funds and assets that are likely to pass through financial systems. As such, financial institutions must do everything they can to prevent financial crimes from taking place, enhancing their controls on an ongoing basis.

“The global business environment is always changing and presents challenges to financial institutions, particularly as they are exposed to a range of financial crimes from money laundering to terrorism financing, which could result in financial and reputational ruin for a business,” says James George, Compliance Manager at Compli-Serve SA.

“Sadly, criminals do try to target financial institutions. We saw the opportunity to assist our clients to put in extra protection against becoming a target, and to have additional compliance support in place.”

The regulator is watching

The regulators have also imposed tougher penalties on financial institutions for their breaches of regulations, often focused in the areas of terrorist funding, money laundering and sanction breaches, where huge fines have been incurred.

Regulators have the expectation that all financial institutions will implement robust and sustainable policies and controls, and they have imposed tougher penalties when there has been a breach. It’s so important to ensure compliance with the relevant AML legislative requirements to avoid any regulatory issues.

Our AML key service offerings

  • Your ‘one-stop-shop’ for all things FICA and AML related.
  • Stay ahead of all regulatory developments and document the relevant compliance risks.
  • Compli-Serve assists with handling KYC, enhanced due diligence, adverse media, sanctions and PEP screening, thus ensuring an easier experience for a client to comply with certain AML requirements.
  • Keep up to date with regulatory changes and effectively manage associated AML compliance risks, with the AML Watch alerts that come with the service.

“Following on from the success of our EDD-Checker service and online training initiatives aimed at South African entities, coupled with our extensive news and research-based capability, we aim to provide a simple, affordable and easily accessible service to any organisation, whose business activities with their clients may pose a money laundering or terrorism financing risk,” George adds.

Risks to businesses continue to run wild, and there is an increased demand for support. Organisations that can benefit from such an offering can range from Financial Services Providers through to crypto asset providers, from gaming institutions to estate agents, and the list goes on. Your business could be at risk, so it’s always best to proceed with caution and keep compliance in check.


Frequently Asked Questions

Who is the AML Information Service aimed at? All types of accountable institutions from private equity managers to crypto asset providers, from gaming through to all other financial institutions.

What are the costs involved?  The standard cost is R2,250 per month excluding VAT.

What main legislation will this service track?  The Financial Intelligence Centre Act, the Prevention of Organised Crime Act and the Protection of Constitutional Democracy Against Terrorist and Related  Activities Act. Additionally, we track worldwide regulatory trends on an ongoing basis.

What are the key services? An AML Compliance Toolkit with Quick tips and guidance notes.

  • Breaking News – remain up to date with our ‘AML Watch’ bulletins, including updates on Public Compliance Communications (PCCs), amendments to legislation, suspicious transaction and other reporting, FATF reviews and worldwide trends.
  • Risk Management and Compliance Programme (RMCP) for FICA incorporating risk matrixes, best practice, and guidance.
  • 10 unique searches per month through our Enhanced Due Diligence (EDD) Checker Service. Meet your regulatory obligations in respect of sanctions, PEP, adverse media screening, verify and authenticate ID documents and address verification.
  • Prepping for FIC regulatory inspections.
  • FIC registration assistance where required.
  • Training and consultancy options are also available upon request.