INTELLIGENT BRANDS // Software for Business
SearchWorks , now South Africa ’ s largest online data aggregation platform for KYC and KYB checks
The problem of organised financial crime and money laundering made headlines after a recent Al Jazeera investigative report uncovered a largescale money laundering operation in South Africa . The scheme is alleged to have relied on forged paperwork and documentation including ID documents and passports as well as fake invoices from fictitious suppliers . This follows the country ’ s greylisting by global financial crime watchdog , the Financial Action Task Force , FATF , for not fully complying with international standards around the prevention of money laundering , terrorist financing and proliferation financing .
While fighting money laundering happens on several fronts and involves the cooperation of multiple institutions including law enforcement , harnessing the power of accurate data , and enforcing robust Know Your Customer , KYC , and Know Your Business , KYB checks can make a significant impact in fighting financial crime , says Sameer Kumandan , Managing Director of SearchWorks .
Sameer Kumandan , Managing Director , SearchWorks
SearchWorks is South Africa ’ s largest online data aggregation platform that allows users to conduct live , accurate individual , company and property searches and in-depth KYC checks online . The platform offers 160 different search types , covering more than 20 data sources to give businesses companies onboarding new clients instant access to verified identities , updated contact details and account verifications , all within the confines of the law .
Kumandan says that although money laundering happens with varying degrees of complexity , the crime often relies on elementary acts of forgery such as stolen or fake identities , and falsified company documents , addresses and contact information .
“ To illustrate the breadth of money laundering methods , consider a few examples : Smurfing or structuring schemes are common , in which criminals leverage several individuals to make small deposits into different bank accounts , thereby evading detection from banking authorities . Criminals often use shell companies , or paper entities devoid of actual business operations , to transfer money across bank accounts and borders in order to camouflage the genuine ownership of assets ,” he says .
“ Verifying the credentials of individuals , companies , trusts , suppliers , and vendors is a crucial first step in combatting malfeasance of all kinds – from tender fraud to money laundering . Detailed company registration information can assist in establishing if an entity is operating legally , is the subject of court judgements , or has a proven track record in the sector in which they claim to operate ,” explains Kumandan .
In addition to having robust KYC and KYB policies in place , organisations can do more to comply with anti-money laundering regulations and implement best practices to report suspicious activity . Kumandan says processes should be in place to effectively monitor and verify changes in customer or supplier business practices such as changes in ownership and directorship , or a change of business address or banking details . p
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