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Due diligence under the spotlight

Due diligence under the spotlight

Court Papers filed in the United States reveal that a host of Africa’s former political leaders and their families are allegedly stashing their cash in South Africa’s property market, once again highlighting the importance of due diligence. “The country’s status as Africa’s most sophisticated financial hub and its low prosecution rate are enabling politically exposed persons to hide vast amounts of money in real estate,” a February...

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Fintech: regulation groundwork is being set

Fintech: regulation groundwork is being set

Financial Technology, or FinTech, brings to mind crypto-currencies such as Bitcoin, which after an initial boom and subsequent die-down, appears once again to be on the rise.  Bizcommunity reported a 20% jump in the crypto-currency in less than an hour on 2 April. “The cryptocurrency’s price crossed the $5 000 mark, touching the highest level since November 2017. All other major cryptocurrencies, including Ethereum, XRP and Litecoin...

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FIC Amendment Act comes into force this week

FIC Amendment Act comes into force this week

The FIC Amendment Act will be enforced on 2 April 2019 – are you ready? As an accountable or reporting institution you will need to be particularly diligent ­– especially when dealing with legal entities, which can be used to hide the identity of suspected criminals as well as the source of funds and the true purpose of those funds. The aim of Financial Intelligence Centre (FIC) legislation is to combat financial crimes, including money...

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