Compliance Institute Southern Africa

🚨🚨 REMINDER 🚨🚨 Secure your place at the premier event on the South African compliance calendar 🗓️📌 This August, join compliance experts from across SA as we delve into the profession's future and celebrate CISA's 21 years of impactful contributions. Don't miss out, register today using the links below! Conference registration: https://lnkd.in/d7VvM3kg Awards Gala: https://lnkd.in/ddt9Zp4A #CISACon24 #ComplianceMatters

Handy summaries of AI laws and policies in the world that could (should) inform best practice in jurisdictions where these do not exist yet

ESMA published guidelines on funds' names to prevent exaggerated sustainability claims.

🔍Our team is growing. We are looking for a key candidate for our business engine! If you are skilled in admin, we want YOU! Apply before 31 May. Click here to read the job profile: https://lnkd.in/dzJBJgYv #JoinOurTeam #ApplyToday #VacancyAlert 

Make an IMPACT at this year's CISA Annual Conference! 💥💥💥 We're thrilled to have Mandy Wiener returning as our host this year and to welcome Sim Tshabalala as our opening keynote speaker to get proceedings going. Don't miss out! Early bird ticket sales close on 28 June 2024 and tickets are selling fast. Register here: https://lnkd.in/dA939snX #CISACon24 #ComplianceImpact #ComplianceOfficers #Conference

Will the FATF’s Rec 16 richer data proposal dampen the appetite for simplified due diligence (SDD)? FATF’s Rec 16 richer data proposals go beyond the SDD customer data required by a number of countries, including some FATF members. Is that a problem? FATF’s risk-based approach is “an essential foundation to efficient allocation of resources” across the AML/CFT regime (Rec 1). In essence, scarce AML/CFT resources are best applied where they are most needed. That requires countries and institutions to identify the lower risk areas that may be serviced by lower resources and SDD to support the shift in resources to the higher risk areas. But SDD implementation has been lagging and compliance resource costs have therefore been rising to crippling levels. FATF's 2021 unintended consequences stocktake paper blames the lack of SDD implementation on countries and institutions, calling out: “implementation issues at the country or private sector level, which leads to the misapplication of the FATF Standards, and in particular, the failure to use the proportionality that is central to the risk-based approach." But FATF’s Rec 16 richer data requirements exceed the SDD customer data collected in terms of regulations and guidelines of a number of countries. If adopted, institutions will need to revisit their SDD customers to collect additional Rec 16 data. This is costly and can impact negatively on customer relationships. And what does an institution do when an existing low risk customer is unable to provide the data? Anticipated changes in regulatory requirements were key drivers of over-compliant responses by banks identified in our FinMark Trust/Cenfri study in 2011. Client data compliance processes and systems are expensive and best designed factoring in anticipated future requirements than merely responding to current requirements. This study, the first to call out AML/CFT gold-plating by banks and identify their drivers, was since published (https://lnkd.in/gRwCtag7) and cited by the FATF. Do banks that were criticised for the over-collection of customer data and the misapplication of FATF standards now feel vindicated? How will the FATF convince countries and institutions to adopt SDD when appropriate, when they signal that the standards may change and render client onboarding SDD data insufficient? Will these concerns disappear if the proposed Rec 16 richer data changes are not made, or will the impact linger? How will compliance officers respond? How will the FATF unring this bell, should it wish to do so? Financial Action Task Force (FATF) Compliance Institute Southern Africa Alliance for Financial Inclusion (AFI) Digital Financial #AML #CFT #Compliance

Failure to understand the business and internal controls were identified as some of the key failures. ‘Big four’ accountancy firms PwC and EY fined over LC&F audit failures https://lnkd.in/d_3dBEui

Our third Compliance Showcase for 2024 will be hosted on 12 June 2024 with Skypiom Compliance. At this event, Thomas Kritzer and Joshua Knifton from Skypiom Compliance will explore the #complexities of #compliancemanagement and how an all-in-one #automated #solution can enable #efficiency for #streamlined compliance management.   Skypiom Compliance is a #comprehensive, #cloudbased platform designed to handle compliance management from start to finish. From #legislative tracking to #screening for #sanctions, persons of interest, and adverse media, Skypiom Compliance takes care of it all, so you can focus on what matters most. The CISA Showcase has been created in line with the institute’s #strategy to #elevate a platform for our #members so service providers can #showcase their products to our #members and #compliancecommunity. These sessions are interactive with practical examples and case studies to illustrate product offering of each organisation and in-depth functionality from various suppliers and service providers.   Click here to register: https://lnkd.in/dS-eewRP #ComplianceShowcase #demo #software

Insights from NIST's first draft of their AI Risk management framework: Generative AI profile