South Africa’s recent greylisting by the Financial Action Task Force (FATF) has raised concerns about the country’s compliance measures in countering money laundering and terrorism financing. To address this issue, leaders in the banking sector came together in a recent roundtable event in Johannesburg to discuss collaborative efforts aimed at helping South Africa exit the grey list.
During the event, Cengiz Kiamil, VP of Strategy at Fenergo, stressed the value of using technology solutions to enable compliance at scale and to solve real-world problems. He suggested that a comprehensive platform solution that includes Know Your Customer/Client (KYC), Anti-Money Laundering (AML), and Counter-Terrorist Financing (CTF) measures could assist banks in achieving compliance more efficiently and cost-effectively. Albert Janse van Vuuren, business development head at Andile Solutions, echoed this sentiment, noting that new legislation passed in 2022 would force not only banks, but other cross-sector accountable institutions to quickly adapt their internal systems and processes to comply with these new policies.
Read the full article to find out more about the the key takeaways from the roundtable event and how technology can play a critical role in helping South African banks regain financial credibility and emerge stronger than before.