Also known as Anti-Money Laundering, is the execution of transactions to eventually convert illegally obtained money into legal money. Particularly in international business, risk that the companies or individuals are not in compliance with the anti-money laundering regulations set by the government. Conducting a due diligence investigation of partners, suppliers but also customers is therefore essential. At FRSPL we ensure that this diligence is being performed diligently by our team of dedicated employees.
Anti-money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money- laundering (AML) laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.
Enhanced Due Diligence
This is a process that provides a greater level of scrutiny of potential business partnerships and highlights risk that cannot be detected by Customer Due Diligence. .
A detailed study is conducted on the client’s transactions. After reviewing, analyzing and administering the transactions processed by the client, their risks are accessed by checking client background information and negative news screenings.
Depending on their risk levels, further relationship with the client is continued or exited or SAR is filed by the business
Payment Screening
This involves the screening of the contents of SWIFT messages to determine whether a payment is being made to or from a sanctioned/listed entity/individual. The Maker and Checker perform an investigation on hits and for every True hit, the payment is escalated to L3 in South Africa.
Client Screening
This refers to the manual and automated process of checking FirstRand Group customer details against various international and domestic lists, to identify potentially matching person and/or entity. The types of screening performed include Sanctions, PEP, and Real-Time screening.
