Financial Crime World

Mitigating the Impact of FATF Grey Listing in South Africa

Addressing the Challenges of Grey Listing with KPMG Forensic

The Financial Action Task Force (FATF) grey listing can have significant consequences for businesses operating in South Africa. To help clients navigate these challenges, KPMG Forensic offers a comprehensive range of services.

Assessing and Mitigating FATF Grey Listing Impact

1. Support to Assess the FATF Grey Listing Impact and Design of Measures

KPMG Forensic can assist clients in understanding the potential impact of the grey listing on their business, designing measures to mitigate this impact, and implementing procedures to reduce the risk.

  • Identify areas vulnerable to grey listing
  • Develop strategies to minimize risks
  • Implement effective mitigation measures

2. Comprehensive Gap Analysis following FATF Standards and Implementation of Remedial Actions

KPMG Forensic has a network of national and international experts that can help identify gaps in clients’ compliance programs and implement controls that meet FATF standards.

  • Conduct thorough gap analysis
  • Identify areas for improvement
  • Implement remedial actions to achieve compliance

3. Institutional AML/CTF Risk Assessment

KPMG Forensic can perform risk assessments using international methodology to identify potential risks and implement effective risk mitigating measures.

  • Identify potential risks and threats
  • Assess risk levels and prioritize mitigation efforts
  • Develop and implement effective risk management strategies

4. Design and Implementation of RMCP, Policies, Procedures, and Effective Controls

Based on prior AML gap analysis and risk assessment results, KPMG Forensic can review clients’ Risk Management and Compliance Programs, policies, and procedures to ensure they are commensurate with the risks detected.

  • Review and update existing policies and procedures
  • Develop new policies and procedures as needed
  • Implement effective controls to mitigate risks

5. KYC and CDD Performance and Remediation

KPMG Forensic can support clients in defining methodologies and risk matrices for performing adequate risk assessments on customers and business relationships, which is the basis for implementing Customer Due Diligence (CDD) measures.

  • Develop and implement effective KYC/CDD procedures
  • Conduct regular reviews and updates to ensure compliance
  • Remediate any deficiencies identified

6. AML/CTF Technology Solutions

KPMG Forensic has experience implementing Regtech and AML/CTF IT solutions and systems to assist clients in complying with regulatory requirements.

  • Implement effective technology solutions
  • Integrate technology into existing processes
  • Ensure ongoing support and maintenance

Contact KPMG Forensic

To learn more about how KPMG Forensic can help your business navigate the challenges of FATF grey listing, please contact: