FSB: Financial services industry must deal with money laundering

Money laundering has come under the spotlight at the annual Financial Advisory and Intermediary Services (FAIS) annual conference in Cape Town. Over 350 representatives from the financial services industry have gathered in the city today to discuss burnin

“This has become a real problem. The probability of Financial Service Providers, or FSPs falling victim is no longer a case of “if” but “when”, so we have to address this urgently. FSPs need to reduce their risk of exposure by implementing the existing policies and procedures stipulated by law,” says James Molefe, Manager in the FAIS division of the Financial Services Board (FSB).

Combating financial crime is one of the key policy priorities that have been identified by the FSB in its regulation of the industry. The others are financial stability, consumer protection and market conduct, and expanding access through financial inclusion.