Financial Compliance

A Beginner's Guide

Understanding AML Regulations

Staying Ahead of Criminals

The Evolution of Money Laundering Techniques

Implementation and Best Practices

Risk-Based Approach to AML

Challenges and Solutions

Customer Due Diligence (CDD)

What is Financial compliance?

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Financial compliance refers to the laws, regulations, and standards that govern the financial industry, ensuring that organizations prevent, detect, and report illicit activities. Anti-money laundering is a critical component of financial compliance, focusing on preventing criminals from disguising the source of illegally obtained funds. On this blog, we'll explore the latest developments, best practices, and practical guidance on AML and financial compliance, helping you navigate the complex landscape and protect your organization from financial crime

How I began

My financial compliance journey began in 2015 when I joined a reputable law firm that specialized in international banking law. As a member of the firm's compliance team, I was immersed in the intricacies of global financial regulations, working closely with clients and colleagues to navigate the complex landscape of cross-border transactions, anti-money laundering (AML) laws, and financial crime prevention. During my time at the firm, I gained invaluable hands-on experience in:

- Conducting risk assessments and due diligence on international clients
- Developing and implementing AML policies and procedures
- Collaborating with regulatory bodies and law enforcement agencies
- Staying up-to-date on evolving global regulations and industry standards

This foundational experience laid the groundwork for my passion and expertise in financial compliance, driving me to continue learning, growing, and sharing my knowledge with others in the field.

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Financial Crimes Enforcement Network (FinCEN)

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024.
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AMLC Prac (SA)

The AMLC Prac (SA) provides an opportunity for those tasked with anti-money laundering (AML) / anti-financial crime (AFC) to professionalise their careers and to be awarded a SAQA-registered designation.

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ICA

It is important for any AML professional to recognise, develop and maintain a risk-based and comprehensive anti money laundering/counter terrorist financing framework to mitigate and prevent the threat. Understanding your customers (Customer Due Diligence) and responses such as reporting suspicious activity are also vital tools in your AML armoury
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LIMRA

The LIMRA AML program is widely used in the industry to help companies comply with anti-money laundering training and tracking requirements. AML courses are offered in English and Spanish, with a new refresher course created each year to keep recognizing and stopping money laundering top of mind..
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ACAMS

AML Foundations has been designed to provide a foundation level anti-money laundering certificate for anyone involved in financial crime prevention. It is suitable for early career compliance professionals, and for non-compliance employees at any level who require practical AML training for their roles.

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AMLFC

Anti-Money Laundering, Countering the Financing of Terrorism, Countering the Financing of Proliferation & Financial Crimes Prevention Certification

Contact

Got Compliance Questions? I've Got Answers!

Don't let financial regulations give you a headache! I'm here to help you navigate the complex world of compliance with ease.

Drop me a line for:

Expert advice on AML, KYC, and all those other alphabet soups
Help with tricky compliance conundrums
Or just to say hi (I won't judge you for loving compliance)


Freelancer

Johannesburg, South Africa

andries.sa@proton.me

+27 79 351 1497