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With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) in South Africa

South Africa


Anti Money Laundering (AML) By Country: South Africa

Anti Money Laundering (AML) in South Africa

South Africa
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Money laundering in the Republic of South Africa is a hot spot for money laundering related activities, including the narcotics trade, smuggling, human trafficking, and diamond dealings. South Africa’s position as the major financial center in the region, its relatively sophisticated banking and financial sector, and its large cash-based market, all make it a very attractive target for transnational and domestic crime syndicates. The South African Government (SAG) estimates that between $2 and $8 billion is laundered each year through South African financial institutions. The Proceeds of Crime Act (No. 76 of 1996) criminalizes money laundering for all serious crimes. This Act was supplemented by the Prevention of Organized Crime Act (no. 121 of 1998), which confirms the criminal character of money laundering, mandates the reporting of suspicious transactions, and provides a "safe harbor" for good faith compliance. Violation of this act carries a fine of up to rand 100 million or imprisonment for up to 30 years.

The Financial Intelligence Centre (FIC) was established in 2001 to act as the primary authority over Anti-Money Laundering (AML) efforts in South Africa. The FIC is responsible for establishing an AML regime and maintaining the integrity of the South African financial system by enforcing recordkeeping and reporting procedures of financial institutions within the country.

The FIC Amendment Act (No. 11 of 2008) was issued in August 2008 and took effect in 2010, and clarified the roles and responsibilities of supervisory bodies. The Money Laundering and Terrorist Financing Control regulations were published in 2002 and have since been amended on various occasions; they create a comprehensive legal framework for the combating of money laundering and terrorist financing.

AML Training in South Africa

The Proceeds of Crime Act and the Prevention of Organized Crime Act require South African financial institutions to create training programs to combat illicit financial transactions from occurring in the country.

The Economy of South Africa

South Africa is considered an emerging market with an abundant supply of natural resources and well-developed financial, legal, communications, energy, and transport sectors. The South African stock exchange, the Johannesburg Stock Exchange (JSE) is ranked 17th largest in the world.

Throughout history, South Africa has played an important role in trade. Cape Town was established in 1652 by Dutch traders and saw much activity in the centuries to follow, particularly with the discovery of diamonds and gold attracting foreigners to the country. However, economic problems exist from the apartheid era, including poverty, a shortage of public transportation, and general lack of economic empowerment among disadvantaged groups.

Banking in South Africa

The South African Reserve Bank is the Central Bank of the Republic of South Africa. The Central Bank is responsible for the country’s monetary policy, as well as bank regulation and supervision in South Africa.

The Reserve Bank also has the sole right to print, issue, and destroy banknotes and coins in South Africa. It issues all new currency through its subsidiaries – the SA Mint Company mints all of the country’s coins while the SA Bank Note Company prints all of the country’s banknotes.

South African Currency

The currency of South Africa is the rand. The South African Reserve Bank is the only issuer of the rand. Coins are available in denominations of ½, 1, 2½, 5, 10, 20 and 50. Banknotes are available in denominations of 1, 2, 10, 20, 50, 100 and 200.

Other Key Statistics of South Africa

Time Zone: SAST (UTC+2).

Location: Southern Africa, at the southern tip of the continent of Africa.

Population: 54,002,000 (2014 estimate).

Capital: Pretoria (executive), Bloemfontein (judicial), Cape Town (legislative).

Languages Spoken: IsiZulu, IsiXhosa, Afrikaans, Sepedi, English, Setswana, Sesotho, Xitsonga.


A Free Overview Of Anti Money Laundering (AML) For South Africa.

Anti Money Laundering (AML) in Singapore




Anti Money Laundering (AML) By Country: Singapore

Anti Money Laundering (AML) in Singapore

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Money laundering in Singapore is a significant issue. It is an important international financial and investment center, and, in particular, a major offshore financial center. Bank secrecy laws and the lack of routine currency reporting requirements make Singapore an attractive destination for drug traffickers, criminals, terrorist organizations, and their supporters seeking to launder money. Money laundering occurs mainly in the offshore sector, but may also occur in the non-bank financial system, which includes large numbers of moneychangers and remittance agencies.

The Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act of 1999 (CDSA) criminalizes the laundering of proceeds from narcotics and 184 other categories of serious offenses, including those committed overseas, which would be considered serious offenses if they had been committed in Singapore.

The Parliament of Singapore passed the Terrorism (Suppression of Financing) Act in 2002, criminalizing the financing of terrorism and placing an obligation on bank employees to report any activity related to this crime to the police immediately.

In 2007, the Monetary Authority of Singapore, which regulates banking and other financial services, issued a notice entitled Prevention of Money Laundering and Countering the Financing of Terrorism to banks, addressing the need for enhanced Customer Due Diligence (CDD) measures in all financial transactions to prevent criminal behavior.

AML Training in Singapore

The Monetary Authority of Singapore’s Notice to Banks requires banks to institute a training program to teach employees how to maintain appropriate records and identify, detect and report suspicious transactions in order to prevent money laundering.

The Economy of Singapore

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita Gross Domestic Product (GDP) equal to that of the four largest West European countries. The economy depends heavily on exports, particularly in consumer electronics and information technology products.

Fiscal stimulus, low interest rates, a surge in exports and internal flexibility led to vigorous growth in 2004 - 2007 with growth averaging 7% annually. The government hopes to establish a new growth path that will be less vulnerable to the global demand cycle for information technology products - it has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Banking In Singapore

The Monetary Authority of Singapore (MAS) serves as Singapore's Central Bank.

The MAS manages Singapore's exchange rate, foreign reserves, and liquidity in the banking sector. The MAS is also an integrated supervisor, overseeing all financial institutions in Singapore including banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.

The MAS creates and implements financial policies and ensures a strong corporate governance framework and accounting standards are in place.

The MAS also ensures that the financial industry remains competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial center.

Singapore's Currency

The currency in Singapore is called the dollar. It is divided into 100 cents, much like the United States Dollar.

Currently, banknotes are issued in 2, 5, 10, 50, 100, 1,000 and 10,000 denominations.

Coins are issued in 1, 5, 10, 20 and 50 cent denominations. There is also a 1 dollar coin.

Other Key Statistics of Singapore

Time Zone: SST (UTC+8).

Location: Asia, islands between Malaysia and Indonesia.

Population: 5,469,700 (2014 estimate.).

Capital: Singapore.

Languages Spoken: Mandarin, English, Malay, Tamil.


A Free Overview Of Anti Money Laundering (AML) For Singapore.

Anti Money Laundering (AML) in Saudi Arabia

Saudi Arabia


Anti Money Laundering (AML) By Country: Saudi Arabia

Anti Money Laundering (AML) in Saudi Arabia

Saudi Arabia
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Money laundering in Saudi Arabia is an enduring problem. The country continues to take steps to combat money laundering and has focused on the fight against terrorist financing. Saudi Arabia has implemented many of the provisions of the Financial Action Task Force (FATF) Forty Plus Nine Recommendations. The Kingdom of Saudi Arabia has been at the forefront of international efforts in fighting terrorism and combating money laundering activities.

Saudi Arabia is among the first few countries to give special attention to the countering of money laundering by committing to and complying with many rules and international conventions and putting them into practice.

Saudi Arabia and the Gulf Cooperation Council (GCC) exert extensive efforts in the area of financial crime and money laundering. Saudi Arabia realized the seriousness of the problem of combating money laundering at an early stage.

Recently, Saudi Arabia and several member countries of the FATF have decided to intensify their efforts to fight money laundering on three levels – local, regional, and international.

Saudi Arabia established its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime with the issuance of the Anti-Money Laundering Statute in 2003 and its Implementing Regulations in 2005. These laws provide a statutory basis for criminalizing money laundering and terrorist financing activities. Article 11 of the Law created the Saudi Arabian financial intelligence unit (FIU), which is responsible for receiving and analyzing reports on suspicious transactions.

AML Training in Saudi Arabia

Article ten of Saudi Arabia's Anti-Money Laundering Law of 2003 requires financial institutions to develop AML/CTF training programs that must be reviewed annually for adequacy.

The Economy of Saudi Arabia

Saudi Arabia's economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia's gross domestic product, compared with 40% from the private sector.

In spite of the recent surge in its oil income, Saudi Arabia continues to face serious long-term economic challenges, including high rates of unemployment, one of the world's fastest population growth rates, and the consequent need for increased government spending. Saudi Arabia has faced nearly two decades of heavy budget and trade deficits, the expensive 1990-1991 war with Iraq, and total public debt of around $175 billion. Conversely, Saudi Arabia has extensive foreign assets (around $110 billion) which provide a substantial fiscal cushion.

Banking in Saudi Arabia

Some of the major banks in Saudi Arabia include:

Until the mid-twentieth century, Saudi Arabia had no formal money or banking system. To the degree that money was used, Saudis primarily used coins having a metallic content equal to their value for storing value and limited exchange transactions in urban areas. For centuries, foreign coins had served the local inhabitants' monetary needs. Development of banking was inhibited by the Quranic injunction against interest.

The government issued a silver riyal in 1927 to standardize the monetary units then in circulation. By 1950 the sharp increase in government expenditures, foreign oil company spending, and regulation of newly created private banking institutions necessitated more formal controls and policies.

With United States technical assistance, in 1952, the Saudi Arabian Monetary Agency (SAMA) was created, designed to serve as the central bank within the confines of Islamic law.

Saudi Arabian Currency

The Currency of Saudi Arabia is Saudi Arabian Riyal (SR). Presently one of the richest countries in the world, the Currency of Saudi Arabia has a global significance. There are bills of 1, 5, 10, 50, 100, and 500 Riyals. The coins are available in 5, 10, 25, 50 and 100 Halala.

Other Key Statistics of Saudi Arabia

Time Zone: AST(UTC+3).

Location: Middle East, bordering the Persian Gulf and the Red Sea, north of Yemen (Geographic coordinates for Saudi Arabia are 25 00 N, 45 00 E.)

Population: 30,770,375 (2014 estimate)

Capital: Riyadh.

Languages Spoken: Arabic.


A Free Overview Of Anti Money Laundering (AML) For Saudi Arabia.

Anti Money Laundering (AML) in Pakistan



Anti Money Laundering (AML) By Country: Pakistan

Anti Money Laundering (AML) in Pakistan

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Money laundering in Pakistan is a pervasive problem. Financial crimes related to narcotics trafficking, terrorism, smuggling, tax evasion, and corruption remain a significant problem in Pakistan. The proceeds of narcotics trafficking and funding for terrorist activities are often laundered by means of the alternative remittance system called hawala. This system is also widely used by the Pakistani people for legitimate purposes.

The State Bank of Pakistan (SBP) has in the past issued detailed AML/CFT regulations, as well as guidelines on a risk-based approach in 2012. The SBP is the regulator for AML controls for banking and related services while the Securities and Exchange Commission (SECP) is the regulator for all other entities. Other regulatory authorities include the National Accountability Bureau (NAB), the Anti Narcotics Force (ANF), the Federal Investigative Agency (FIA), and the Customs Authorities oversee Pakistan’s AML law enforcement efforts.

The major laws in these areas include:

  • The Anti-Terrorism Act of 2002, which defines the crimes of terrorist finance and money laundering and establishes jurisdictions and punishments (amended in October 2004 to increase maximum punishments).
  • The National Accountability Ordinance of 1999, which requires financial institutions to report suspicious transactions to the NAB and establishes accountability courts.
  • The Control of Narcotic Substances Act of 1997, which also requires the reporting of suspicious transactions to the ANF, contains provisions for the freezing and seizing of assets associated with narcotics trafficking, and establishes special courts for offenses (including financing) involving illegal narcotics.

All these laws include provisions to allow investigators to access financial records and conduct financial investigations.

In 2007, Pakistan enacted the AML Ordinance, establishing regulations for AML and combating the financing of terrorism and criminalizing money laundering. Under the Ordinance, the Financial Monitoring Unit (FMU) is created. The FMU serves as Pakistan's FIU and is in charge of handling Suspicious Transaction Reports (STRs). In 2010, the SBP passed the Anti-Money Laundering Act, replacing the 2007 AML Ordinance.

The FMU works with several Pakistani law enforcement agencies that are responsible for enforcing financial crime laws, including the National Accountability Bureau (NAB), the Anti-Narcotics Force (ANF), the Directorate of Customs Intelligence and Investigations (CII), and the Federal Investigative Agency (FIA).

The FIA deals with crimes relating to money laundering, terrorism, human smuggling and trafficking, and cybercrime, among others.

The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) are the primary financial regulators. Notwithstanding the absence of standalone AML legislation, the SBP and SECP have independently established AML units to enhance their oversight of the financial sector. The SBP has introduced regulations intended to be consistent with the Financial Action Task Force’s (FATF) recommendations in the areas of a Know Your Customer (KYC) policy, record retention, due diligence of correspondent banks, and the reporting of suspicious transactions.

AML Training in Pakistan

In accordance with Pakistan’s 2007 AML Ordinance, a General Committee must be in place to review all training programs related to Anti-Money Laundering (AML). An ongoing comprehensive training program is essential for the continued growth and success of financial institutions in Pakistan.

The Economy of Pakistan

Pakistan, an impoverished and underdeveloped country, has suffered from decades of internal political disputes, low levels of foreign investment, and a costly, ongoing confrontation with neighboring India. However, since 2001, International Monetary Fund (IMF) approved reforms, most notably, privatization of the banking sector, bolstered by generous foreign assistance and renewed access to global markets, have generated macroeconomic recovery. Poverty levels have decreased by 10% since 2001. Inflation remains the top concern among the public, jumping from 7.7% in 2007 to more than 11% during the first few months of 2008, primarily because of rising world commodity prices.

Banking in Pakistan

The State Bank of Pakistan is the Central Bank of the country. The State Bank of Pakistan performs both the traditional and developmental functions to achieve the country’s economic goals. One of the fundamental responsibilities of the State Bank is the regulation and supervision of the financial system to ensure its soundness and stability as well as to protect the interests of depositors.

Additional functions of the State Bank of Pakistan include:

  • Issuing currency.
  • Regulating and supervising the functional system.
  • Performing the functions of a banker to the government.
  • Constructing monetary policy.

The State Bank also has been playing an active part in the process of Islamization of the banking system.

Pakistan Currency

The basic unit of the Pakistani currency is the Rupee (R). The rupee is divided into 100 paise. Denominations for coins are 1Rs, 2Rs, 5Rs, and 10Rs. Denominations for banknotes are 10Rs, 20Rs, 50Rs, 100Rs, 500Rs, 1000Rs and 5000Rs.

Other Key Statistics of Pakistan

Time Zone: PKT (UTC+5).

Location: Southern Asia, bordering the Arabian Sea, between India on the east and Iran and Afghanistan on the west and China in the north.

Population: 196,174,380 (2014 estimate.).

Capital: Islamabad.

Languages Spoken: Punjabi, Sindhi, Siraiki (a Punjabi variant), Pashtu, Urdu (official), Balochi, Hindko, Brahui, English (official; lingua franca of Pakistani elite and most government ministries) and Burushaski.


A Free Overview Of Anti Money Laundering (AML) For Pakistan.