Implementing FIC compliant anti-money laundering software for a bank

BSG assisted a large South African bank to comply with the new Financial Intelligence Centre (FIC) Amendment Bill by implementing goAML, an integrated anti-money laundering (AML) reporting platform which combats terrorist financing to ensure the security and stability of the bank and South Africa’s financial system.

  • Gap analysis of the existing reporting landscape versus the requirements of the new FIC Amendment Bill
  • Project management and implementation plans for a high-level solution
  • Participation in a pilot, inclusive of milestones, dependencies and assumptions
  • Facilitated goAML roll-out
  • 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) and deliver them to the FIC
  • Complete the full end-to-end analysis across the bank’s franchises, to determine and support required changes for process, system, people and artifacts across 52 interfaces
  • Improved data quality resulting from the Know Your Client (KYC) customer on-boarding 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
  • Creation of a common data model for regulatory reporting, that can be reused for other reporting projects

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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