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The good news is that most financial advice providers (FAPs) are compliant with the disclosure regulations in that they provide three advice related disclosure documents, plus in the event of a complaint they have a complaints disclosure letter.

All FAPs and those who provide financial advice must comply with Code Standard 9 relating to keeping competence, knowledge, and skill up to date. This places additional obligations and work on the FAP and its advisers – but it doesn’t have to be arduous as long as you are organised.

Providing more services usually generates more money. It can also lead to clients remaining with you longer and this can also translate to an increase in your business value. The process is easy if you follow this three-step plan.

Customer due diligence (CDD) is a mandatory component of AML/CFT compliance. You are expected to know your customers, assess their risk level and identify suspicious activity. There are many reasons why CDD is important, but if you were to list them in terms of significance to your business, then we reckon you would put ‘reputation’ at the top. If it becomes known that you did not take the appropriate steps to prevent money laundering or terrorist financing, it can damage your reputation and encourage your clients to go elsewhere.

Transaction monitoring is important because it enables businesses to identify suspicious transaction patterns, detect potential money laundering activities in real-time, and adapt to emerging threats.

Anti-money laundering and countering financing of terrorism (AML/CFT) training and awareness programmes play a crucial role in ensuring individuals within reporting entities understand their obligations, recognise the red flags of money laundering, and are equipped to prevent illicit activities happening.

At Strategi we are proud to offer innovative training solutions that meet the rapidly changing nature of the financial services industry.

Research shows that over the lifetime of a client, it is likely an adviser will spend more time in review meetings than they did in the initial consultation process. Review meetings are important and necessary to make sure your clients remain on the right path to achieving their financial goals and they also help you stay connected.

The regulatory regime enables licensed businesses to outsource many of its key functions. It is now common for many businesses to outsource their IT, research, recruitment, payroll and accounting, so why not outsource compliance?

In their new guidance notes the Department of Internal Affairs (DIA) refer to accountants and lawyers as “gatekeepers” because they provide specialist services that can be misused by criminals particularly when it comes to money laundering.