On 25 March 2019, the Financial Intelligence Centre (FIC) published a booklet on Typologies and Case Studies specifically focusing on money laundering vulnerabilities faced within the Casino and Gaming industry and the Property sector.
One of the main aims of the FIC is to protect the financial integrity of South Africa. In fulfilling this aim, the FIC produces reports on the various ways in which criminals launder money and/or raise funds to finance terrorism and related activities. These reports are then used to assist the relevant stakeholders to better understand existing and emerging money laundering and terror financing threats and assist with developing effective strategies to address those threats.
In the booklet the FIC explains that when a series of suspected money laundering or terror financing activities are observed using the same methods, they are generally classified as a “typology”. Identifying typologies assists the FIC to implement strategies and preventative measures. The booklet also contains “Indicators” of money-laundering which set out examples or common methods used to launder money within the particular sectors. The booklet further sets out that it is hoped that the case studies and indicators assist businesses implement preventative measures including customer due diligence and submission of suspicious and unusual transaction reports to the FIC.
Click here to read the Typologies and Case Studies booklet March 2019.