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Financial crimes harm South Africans in many ways but fundamentally, they contribute to the depletion of funds and resources that should be put towards the country's development.
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The prevention and mitigation of bribery and corruption is an obligation placed on companies by the UK Bribery Act 2010, which states that companies must implement effective controls, measures and due diligence to demonstrate their commitment towards preventing bribery as a matter of priority.
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Businesses and third parties share complex relations. While each will prioritise their own bottom line, they need each other in order to operate.
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Know your customer is a business principle within the Financial Intelligence Centre Act (FICA) that encourages relevant companies to establish and verify the identity of their customers and clients before or during the time they do business.
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With increasing global focus on limiting illegal activities such as bribery, corruption, illicit proceeds, money laundering, terrorist financing and other financial crimes, the review of third-party financial health within due diligence is more critical than ever.
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Know your customer (KYC) is a business principle within the Financial Intelligence Centre Act, 2001 (FICA) that encourages relevant companies to establish and verify the identity of their customers/clients before or during the time they do business.
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Supplier services are essential in helping a business to function and reach its operational objectives.
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Staying up-to-date with what’s being reported about past, current and potential vendors
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Decisions and consequences go hand-in-hand.
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Numerous risk management procedures can be employed in support of an organisation’s best interest. However, few practices are as significant as due diligence.