SA loses between $10bn and $25bn a year to illegal activity

Why fighting money laundering is vitally important

Anti-money laundering (AML) compliance should not merely be a tick-box exercise for financial institutions, as it not only exposes the organisation to the risk of hefty non-compliance penalties and reputational damage, but could also lead to criminal activity going undetected.

The estimated amount of money laundered globally in a single year is between 2% and 5% of global GDP, or $800bn to $2trillion, making it one of the most serious financial crimes worldwide. It is therefore vital that financial institutions that work on financial data to combat money laundering implement AML compliance programmes and comply with international regulations...

This article is free to read if you register or sign in.

If you have already registered or subscribed, please sign in to continue.

Questions or problems? Email or call 0860 52 52 00.

Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.