Money laundering is regarded as a constitutional offense in South Africa. South African organizations continue to report the highest instances of economic crime in the world with economic crime reaching its highest level over the past decade. As the South African businesses continue to take measures to combat economic crimes, AML Certification in South Africa becomes a major deterrent.
Altogether, Financial Intelligence Centre (FIC) looks after the Anti-Money Laundering efforts in South Africa. FIC is established to analyze the AML regime as well as to look after the South African financial systems and compels for record-keeping, and reporting procedures of financial institutions within the country.
What are the crimes in the country
Crime is defined as an action or omission to breach the laws that emerges in the form of punishment. The penalty can range from paying the fine till going in the jail. The offense or the crime that has occurred can be looked as per the rigidity of the crime.
The Republic of South Africa is regarded as the hotspot for doing illicit activities related to money laundering. It includes different types of activities like drug trafficking, smuggling, diamond dealings, etc. The South African Government has given different estimations regarding the laundering of money that is taking place in the country via financial institutions.
What is the status of FATF Evaluation
The Financial Action Task Force is regarded as the global money laundering and terrorist financing watchdog. This body is developed to set up the standards with the aim to combat the illegal activities that are taking place in the country. FATF promotes bringing up the national legislative and regulatory reforms in these prone areas.
Countries on the grey list do not suffer as severe repercussions as those on the Black List. Countries turning a blind eye toward the spread of blatant money laundering and terror funding are placed on the black list. The FATF has likely observed the beginnings of such activities in grey-listed countries. Placing a country on the grey list serves as a sort of warning for them. If they do not take any action against the spread of such activities, the FATF will most likely move them to the Black List. The black list was formerly known as the “Call for action” list and the Grey List “Other monitored jurisdictions
In the year 2022, FATF added South Africa to the list of Nations under observation. This is the step before FATF adds any nation to the Gray List. If they don’t find any progress the country is making then FATF may add South Africa in the Grey List. Hence, it is an absolute necessity for the financial institutes in South Africa to promote the AML Certification in South Africa and CAMP is the answer to the problem.
What happens to a gray-listed country?
Though being on the Gray List does not seem as severe as being on the Black List, these countries may still face some repercussions. When a country is placed on the grey list, it comes with the stigma of being an unreliable trade partner. Many countries may reduce their trading channels to and from the affected country. They may also stop imports and exports to and from the Gray-listed country entirely. This can severely affect the country’s economy and international trade.
International bodies like the IMF and World Bank may also put financial and economic sanctions on the Grey-listed country. They may refuse to provide them with any loans until they start making serious efforts to combat these issues. The FATF may even blacklist the country if the government is not able to suppress the financial crimes taking place.
If a country doesn’t cooperate with the FATF, it blacklists them. They may either legally be unequipped, or unwilling to provide foreign law officials with any information regarding the current matters in their country. A country must also be willing to cooperate will all other member countries to help combat cross-border money laundering.
Placing a country on the grey list is essentially placing financial sanctions on it. If the country neglects to follow the sanctions, then the FATF places them on the black list. When the FATF puts a country on the black list, it suffers the same economic impact as OFAC and OFSI sanctions.
Overview of the Economy
Recently, the South African economy is evolving in the markets that has plentiful supply of the natural resources as well as well to do financial, legal and transport sectors. Formerly, South Africa had played a vital role in the trade. The Dutch traders established Cape Town where they found the discovery of diamonds and gold that would attract the foreigners who are in the country. However, there are economic problems that occur in every country like poverty, shortage of public transportation as well as general lack of empowerment.
South Africa’s economy is concerned with controlling inflation that authorizes to provide larger economic base. Moreover, the country goes through certain constraints regarding the limitation of the economic growth.
Are there any regulatory actions taken or any sanctions imposed
The Economic sanctions cover trade and finance. Economic sanctions are the foreign policy tool. The trade sanctions have been imposed on South Africa.
AML Certification in South Africa
After the introduction of the Proceeds of Crime Act and Prevention of Organized Crime Act in South Africa. The awareness regarding the Anti-Money Laundering measures is very low in South Africa. So for creating awareness among the youth, certain AML certification training programs should be created to combat the illicit financial transactions from occurring in the country.
South Africa’s main money laundering challenge is related to diamond dealings. South Africa conducts diamond dealings on large scale. Drug Trafficking is another money laundering challenge in South Africa these days. It is readily identifiable with money laundering in all parts of South Africa.
The drug market in South Africa is the largest in the sub-region. The proceeds of commercial fraud have also pervaded the Indian market. South Africa’s position as the major financial center has relatively degraded the banking and financial sector and having a large cash-based market has made it an attractive target for domestic and transactional crime to take place. Therefore, let us get some knowledge of AML certification in South Africa that is offered.
Overview of AML Certification in South Africa
Regtech Times Academy has launched a new certification program named Certified Anti-Money Laundering Professional Program. This AML certification in South Africa has global recognition. This program is designed to provide you with the basic as well as the advanced knowledge of both Anti-Money Laundering, and counter-financing of terrorism. Certified Anti-Money Laundering Professional is regarded as one of the best international certifications in the AML domain.
Thus, to gain global recognition for the course, Regtech Times Academy has entered into the agreement to offer a certification program to the global compliance officers. The international community can do this course.
The objective of this certification program is to spread awareness of the AML, compliance, and financial crimes domain. The legislative overview, and global, and European Union framework should be understood by the aspirants.
Riskpro Learning offers multiple short-term courses. Following are the courses:
- AML Certification for Money Service Business– This program is designed for money changers, exchange houses, digital currency exchanges, and money exchanges to identify suspicious financial transactions.
- Risk-Based Money Laundering– This online learning course discusses different aspects of the risk-based KYC approach and identification of the high-risk customers.
Syllabus of Certified Anti-Money Laundering Professional
Following is the syllabus of the Certified Anti-Money Laundering Professional Program:
- International case studies on various banks
- Overview of International Laws
- AML/ CFT regulations laid down by FATF
- Diving deep into PEP
The detailed syllabus is provided in the course brochure. After completion of the course, the professionals would get a thorough understanding of the terms associated with financial crimes.
Eligibility Requirements for CAMP
To gain the Certified Anti-Money Laundering Professional designation, one should meet the following criteria:
- Fulfill the eligibility requirements
- Submit the application form, and desired fees for the course
- Clear the CAMP examination
Additionally, the CAMP program is applicable to the aspirants who want to build up their knowledge of money laundering, and the persons who want to choose AML, and the compliance domain as their career field. Anybody who aspires to work in the core compliance field. It will be also helpful for beginners who are keen to understand Anti-Money Laundering measures, terrorist financing, fraud, etc. Thus, this course is applicable to the person who has a role to play in anti-money laundering compliance.
Eligibility for AML Certification in South Africa
Exam preparation is the part where one needs to prove yourself best. It is necessary to prepare hard to crack the exam. It requires a focused mindset with goals to achieve. For clearing the Certified Anti-Money Laundering Professional program exam, once the aspirants go through the video learning sessions provided by RT Academy. Hence, it would help to clear the exam very easily.
The aspirants register for the CAMP examination. Exams are online. There are no negative marking criteria. The minimum passing mark for the same is 75%.
What would this certification program bring to your career?
By doing this certification program, the aspirants would earn career credentials. They would also get a greater awareness of industry practices, problems, and solutions that are taking place at large. The aspirants would benefit by getting a clear understanding of the day-to-day responsibilities of professionals. It also helps to develop the AML, and compliance skills.
Cost of AML Certification in South Africa
CAMP is offered in South African Rands. The professional aspirants are in search of doing something unique related to AML, compliance domain globally. They want to explore different types of global certifications which would add value to their knowledge. However, the cost of global certifications plays a major barrier in gaining the certification. Regtech Times Academy offers courses in a cost-effective manner.
One of the most popular programs offered by Regtech Times Academy is Thus, “Certified Anti-Money Laundering Professional Program” which has global recognition in the market. The cost of this program is 5000 SAR for an individual to complete this program.
AML Requirements in South Africa
South Africa is one of the countries which is working hard to prevent financial crimes. However, to create awareness amongst the bankers it is necessary to have an AML certification in South Africa. In South Africa, the financial institutions that do not comply with AML compliance are fined. It is now becoming compliant with the rules and regulations put forth by FATF. Although, a lot of amendments have taken place to the AML law. South Africa sentence the person to imprisonment. Hence, Financial Action Task Force includes South Africa as a member.
South Africa is the major hotspot hub for money laundering. The South African government implements Anti-Money Laundering regimes. Thus, the main objective of the financial institutions is to ensure that the AML compliance is in control as per the rules and regulations.
Prep Course for the Certification
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams that would help the Algerian aspirants pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept payments in local currency.
