This is an extensive Guidance Note, covering some 75 pages.
The document discusses understanding Risk and the recommended steps to follow in order to achieve a risk based compliance state.
Although much of the document is general risk management theory, the document is intended specifically for accountable institutions in South Africa and deals with Money Laundering and Terrorist Financing. Interestingly geographic location features as a contributing risk factor.
The good news is that our documentation currently meet the requirements of this Guidance Note.
Workshops will follow, dealing with the practical implications of this Guidance Note, and FIC enforcement posture.
Watch this space.