FINANCE
the mitigative steps it will take in combating those risks .
Establishing the source of funds for a client transaction is particularly vital at the outset of a single transaction or establishing a business relationship as the further along the ML cycle the funds travel , the more difficult it becomes to identify anything suspicious or out of place . automate your KYC process so you can make better informed decisions in a fraction of the time …
Training is also of utmost importance for employees of law firms in order to understand not only the application of FICA to the firm but also the ins and outs of its RMCP .
Appointing a Compliance Officer with sufficient seniority in the firm and FICA knowledge and competence is also vital in combating ML as he / she will assist the board or senior management with discharging their FICA obligations .
This is why we recommend that businesses use software like DocFox to make sure these steps are followed correctly each and every time .
To find out how DocFox can
61 JUNE / JULY 2023 SA Real Estate Investor Magazine