Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), protecting the financial integrity of your business.
And terrorism costs every country between 0.2% and 1.1% of their GDP (even on the other side of the world), while directly causing 20k–30k deaths per year, creating social and economic instability, market uncertainty, loss of tourism and pressure on our financial systems.
Even if you are on the other side of the world, this has a measurable impact on your business today. To explore further and review the evidence, you can click on these links here, Terror Costs & Costing crime on the balance sheet.
Zambia, South Africa and Namibia alone lose R2.4 trillion every year just due to criminals falsifying invoices in transactions with perfectly normal, legal everyday businesses like yours. The net effect of this is that you simply don’t know when a normal transaction could be contributing to global terror and suffering that undermine your own business.
Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) are initiatives by global bodies like the United Nations, International Monetary Fund, World Bank and intergovernmental groups like the G7, specifically to stop terrorists and criminals from exploiting our businesses for their criminal activities.
To make sure that everyone uses the AML/CFT method (because it only works if all of us do it together), the FATF will grey- or blacklist countries and entities that don’t enforce AML & CFT compliance on businesses. Being on that grey- or blacklist severely impacts a country’s access to finance, support, trade and investment.
(If you didn’t know before, that’s what SA’s greylisting means: South Africa didn’t make it a legal requirement for businesses to check all customers against Sanction Lists, therefore SA is greylisted to give it a chance to do so by 2025, otherwise it will be blacklisted.)
This means you check every existing and potential customer’s name (just like with KYC and due diligence) against the international Sanction Lists, to see if they are potentially a risk to you.
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