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Member’s notice | Money laundering typologies

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This general notice is relevant to all members

The Financial Intelligence Centre has issued a publication that gives insight on some of the methods criminals use to abuse the financial system. The nine case studies illustrate different types of criminal activities and demonstrate how the FIC’s financial intelligence reports are pivotal in helping to solve a crime or secure a prosecution.

Topics covered include:

  • Utilization of third party accounts
  • Changing of bank details fraud
  • Proceeds laundering through casinos
  • Corruption
  • Narcotics
  • Cybercrime
  • Ponzi scheme
  • Tax evasion
  • Environmental crimes

The publication makes for interesting reading and covers instances where we all may become victims of. Members can bring the contents of the publication to the attention of their clients as an additional service of value.

All FSPs and their staff have an obligation to be aware of these irregularities and must report such activities to the Financial Intelligence Centre in terms of the FIC Act. Failure to do so can constitute an offence, with resulting severe penalties if found guilty.

The publication can be accessed on the FIC website at this secure link:https://www.fic.gov.za/Documents/FIC%20Typologies%20final%20-%20issued%2031.5.2018.pdf

Members are welcome to contact our National Manager: Compliance, Joe Kotzé on 012 665 0085 or email joe@fia.org.za for any further information.