African Financial Institutions against Money Laundering: Challenge accepted
Africa has earned an unfair reputation of being a haven for money laundering and terror financing activity. There’s good reason for this. Africa has traditionally lagged behind developed markets in terms of promulgating legislation to combat money laundering. And where there is legislation, enforcement is lacking – and criminals have taken advantage.
While South Africa is somewhat more mature than the rest of the continent, compliance with anti-money laundering (AML) legislation by banks in Africa is seen as a grudge activity that does not necessarily drive revenue. And – as with most things we’re obliged to do but don’t really believe in – it’s likely that they’ve done the bare minimum in order to tick the right boxes. It’s also likely that the required people, processes and technology needed to uncover dodgy transactions have not been implemented.
Full Content: IT News Africa
