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Outstanding risk and compliance forms must be submitted urgently, says financial watchdog’s Christopher Malan
The Financial Intelligence Centre (FIC) has urged businesses and professionals handling large amounts of money to increase their rate of submission of risk and compliance forms under its increased scope of regulation, if South Africa hopes to be removed from the Financial Action Task Force’s (FATF’s) greylist by December.
Christopher Malan, executive manager for compliance and prevention at the financial watchdog, said while designated non-financial businesses and professions have increased their efforts to help the country exit the greylist, these entities need to improve their knowledge of their levels of internal risk…
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