South Africa was recently grey-listed by the Financial Action Task Force (FATF). This means that South Africa has been identified as a high-risk jurisdiction for money laundering and terrorist financing. This designation comes with significant implications, one of which is that businesses in South Africa will now have to manage risk more effectively.
So, how can businesses manage this situation? Enter — Datanamix. As a credit bureau, Datanamix has developed Anti-Money Laundering (AML) Products that can help your business manage risk more effectively in the face of increased scrutiny.
Let’s take a look at four Datanamix products that can assist your business:
1. Identity verification
With increased scrutiny comes increased pressure to verify the identities of your clients and suppliers. Datanamix offers a range of identity verification tools, including ID verification, bank verification, and driver’s license verification. These tools allow you to quickly and easily verify the identities of the people and companies you do business with.
2. Enhanced due diligence (EDD)
In addition to verifying identities, you must conduct EDD on your high-risk clients and suppliers. Datanamix provides access to many data sources that can assist you in performing comprehensive due diligence checks. Including access to sanctions lists, Politically Exposed Persons (PEP), Politically Influential Persons (PIP) lists, Adverse Media and Crime.
3. Monitoring and reporting
Once you’ve verified identities and conducted due diligence, you’ll need to monitor your clients and suppliers on an ongoing basis. Datanamix has developed monitoring and reporting tools that can help you do this, making it easy for you to keep track of all your customer KYC information. This includes risk ratings, alerts, and notifications that will help you stay ahead of any potential risks.
4. Compliance support
Managing risk in the face of increased scrutiny can be challenging. Datanamix offers compliance support services that can help you navigate the regulatory landscape. This includes access to expert advice, training, and consulting services.
The decision to grey-list South Africa means that businesses in our country will now have to manage risk more effectively. The AML Products from Datanamix can help you do just that.
Whether you need to verify identities, conduct enhanced due diligence, or monitor and report on risks, our range of tools and services can help you mitigate the risks of doing business in a high-risk jurisdiction.
We are here for you.
REFERENCES
Will SA Land On The FATF Grey List? Here Are 3 Steps Government Has Taken To Make Sure It Doesn’t
