The highly publicised debacle of Angelo Agrizzi and six others, who were recently charged with money-laundering and fraud, has brought these issues into the spotlight in South Africa. The reality is that money laundering is a significant problem. The role of IT is crucial in the fight, and financial institutions need to step up their efforts and be more aggressive in their approach to combat the threat. For instance, when money laundering is committed, the fraudsters often try and conceal the source of the funds intended to finance the terrorist or unlawful activity. However, by applying international best practices and … Continued
