Compli-Serve SA, an independent specialist provider of advisory and operational compliance services to the financial services sector, has just launched its AML Information Service, a comprehensive information-only service that helps to manage risks, carry out Customer Due Diligence and stay up-to-date on AML compliance.

All accountable institutions must develop, implement, and maintain a risk-based AML strategy. It should protect the institution from all risks associated with money-laundering or terrorism financing, and other financial crimes through compliance with relevant AML or Counter Terrorism Financing (CFT) regulations.

Compli-Serve’s AML Information Service will assist AML professionals and money laundering compliance officers (MLROs) alike to stay compliant with regulations and to manage and mitigate compliance risks.

“The global business environment is always changing and presents challenges to financial institutions, particularly as they are exposed to a range of financial crimes from money laundering to terrorism financing, which could result in financial and reputational ruin for a business,” says James George, Compliance Manager at Compli-Serve SA.

Sophisticated international networks of criminals and technologies exist to move or store funds and assets that are likely to pass through financial systems. As such, financial institutions must do everything they can to prevent financial crimes from taking place, enhancing their controls on an ongoing basis. 

The regulator is watching

The regulators have also imposed tougher penalties on financial institutions for their breaches of regulations, often focused in the areas of terrorist funding, money laundering and sanction breaches, where huge fines have been incurred.  

Regulators have the expectation that all financial institutions will implement robust and sustainable policies and controls, and they have imposed tougher penalties when there has been a breach. “It’s so important to ensure compliance with the relevant AML legislative requirements to avoid any regulatory issues,” adds George. 

The key AML service offerings from Compli-Serve SA

• Your ‘one-stop-shop’ for all things FICA and AML related. 
• Stay ahead of all regulatory developments and document the relevant compliance risks.
• Compli-Serve assists with handling KYC, enhanced due diligence, adverse media, sanctions and PEP screening, thus ensuring an easier experience for a client to comply with certain AML requirements. 
• Keep up to date with regulatory changes and effectively manage associated AML compliance risks, with the AML Watch alerts that come with the service. 

"Following on from the success of our EDD-Checker service and online training initiatives aimed at South African entities, alongside our extensive news and research-based capability, we aim to provide a simple, affordable and easily accessible service to any organisation, whose business activities with their clients may pose a money laundering or terrorism financing risk,” George adds. 

Risks to businesses continue to run wild, and there is an increased demand for support. 

"Organisations that can benefit from such an offering can range from Financial Services Providers through to crypto asset providers, from gaming institutions to estate agents, and the list goes on. You could be at risk, so it’s always best to proceed with caution and keep compliance in check,” George concludes.

Contact Compli-Serve SA for more information: compliance@compliserve.co.za