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When to submit a Suspicious Activity Report (SAR)

We have noticed there is confusion in the market around when it is appropriate to file a SAR. A common question we are often asked is what ‘level’ of suspicion should we have before submitting a SAR. The Financial Intelligence Unit (FIU) has developed guidelines to assist reporting entities. They suggest  it’s good to have […]

Keeping up with the latest … 

With new guidelines being released on  14 May there is a lot to digest, and what we found particularly helpful was the detailed commentary on the risk rating and recommend all reporting entities should review its content. The links below provide the latest guideline from the AML/CFT Supervisors on the Risk Assessment and Programme. There is a lot of […]

AML/CFT Legislation

Don’t be late in getting compliant… this warning came a little too late for the CBA after they have been fined $700,000,000.00 for not complying, and shows how seriously breaches are being taken. See the main points below or click on the link to read the full story. “For a period of three years, the bank also failed […]

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