2 days ago
Critics frustrated at money laundering law burden
Are anti-money laundering laws leaving too much of the crime-fighting burden on small and medium businesses? The laws require any business providing financial or legal services to detect and deter illegal behaviour through due diligence procedures, like identity verification, when taking on a new client. The Government recently relaxed identity verification requirements on banks when someone is opening a bank account and is planning further changes to the Anti-Money Laundering and Countering Financing of Terrorism law. But compliance expert Uddhav Kirtikar says the law is fine as it is, and it's a case of supervisors inside the Department of Internal Affairs adding layers of compliance that go above the law. Aro Advisers' Dave Saunders has had similar frustrations and says the added compliance adds cost and uncertainty to the businesses.
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