Protecting the integrity and stability of South Africa’s financial system by enabling a bank to comply with the FIC Amendment Bill

BSG assisted a large South African bank in implementing goAML, an integrated reporting platform to enable anti-money laundering (AML), deter terrorist financing and ensure the security and stability of the bank. If left unchecked, AML can undermine a country’s economic prosperity and weaken governance systems.

overview
  • Gap analysis of the existing reporting landscape versus the new Financial Intelligence Centre (FIC) Amendment Bill
  • Project management and implementation plans for the analysis required for a high-level approach to participate in a pilot, inclusive of milestones, dependencies and assumptions
  • Facilitated goAML roll-out
objectives
  • The overall project objective was to effectively create cash threshold reports (CTR), terrorist property reports (TPR), electronic funds transfer reports (EFTR) and suspicious transactions reports (STR) to the FIC
  • Complete the full end-to-end analysis across all the bank’s four franchises, to determine what changes were required and support the changes for process, system, people and artefacts across 52 interfaces
benefits
  • Improved data quality resulting from the Know Your Client (KYC) customer onboarding requirements e.g. field remediation, zero defect reporting, automation of manual reporting and more informed decision-making
  • Reduced risk of suspect individuals transacting with the bank, due to tighter data control automation
  • Common data model for regulatory reporting, that can be reused for other reporting projects
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BSG partnered with the bank to implement the goAML software and ensure the provision of high quality, timeous financial intelligence for use in the fight against crime.

Does your organisation need help with regulatory compliance?

With more than 20 years’ experience, we understand the operational requirements of compliance and are able to see the overlaps across the regulatory landscape. By prioritising work streams within projects we are able to minimise operational disruption and the disruption to your customer. We do more than help you understand the regulation, we guide the execution – effectively bridging the gap between advisory and execution.

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