Frequently Asked Questions
Pretty simple, I wanted to help anyone willing to learn more about financial crime. This site is about sharing and learning.
No, many people I have encountered traditionally seem to have some sort of ‘legal’ background, but this is not a pre-requisite. I myself never thought financial crime would feature in my career, but here I am. All you need is some passion and a thirst to learn more, all the time. Needless to say, reading up on the topic will definitely help you, I don’t know of anyone who has not ever benefitted from reading.
The world of AML is evolving and in my opinion within South Africa we are reaching the stage where many people are able to ‘learn’ AML/CFT by attending specific AML courses, obtaining their CAMs qualifications etc. but not all people can say that they ‘practically’ understand how to implement effective controls or ‘get their hands dirty’. Remember, you could have the most well drafted financial crime policy in the world, covering every best practice measure/recommendation out there, but if your actual controls, processes and ‘practice’ do not match the ‘theory’ then this is not effective risk mitigation. Second lines of defence are traditionally all about drafting policies, standards and providing ‘guidance and recommendations’ whereas first line of defence i.e. the business, is expected to be the ‘doer- i.e. to execute but adhering to the legislative requirements, policy requirements and minimum standards set by the institution with whom it aligns’. It is very important that the first line and second line align to what the minimum requirements are- so that 1st line has a clear understanding of how to satisfy the requirements. I do believe that fines we see emanating these days are not because people didn’t know what needed to be done, but rather they did not know how to find practical and cost efficient ways of mitigating risk and adhering to the legislative and policy requirements in place.
Yes! If you have something which you believe is topical or requires clarification and is something others are grappling with as well – let us attempt to delve into it.
The intention of these articles is to assist you in understanding and being more effective in your role/increase your knowledge base etc. If you do want to use the content- please do drop me a message and request permission to do so. If you have permission and you choose to use the content- please do ensure you reference the author and site. You have my contact details- please use them.