Hung out to dry
webinar
South Africa’s Anti-money Laundering on the Grey List
There are 23 countries on the Financial Action Task Force’s (FATF) anti-money laundering grey list – and South Africa could join them in early 2023.
Considered as economically damaging as junk status, in August 2022, our technical expert, Jennifer Anderson was joined by STANLIB Group’s Chief Compliance Officer, Njabulo Duma, to discuss the impact of being greylisted.
Who is FATF and how did we get here? How does a country get off the grey list? Will there be a direct impact on investors?
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About the webinar
South Africa stands on the brink of being greylisted by the Financial Action Task Force (FATF) in early 2023.
Stemming from serious shortcomings identified in our anti-money laundering and counter terrorism measures, a greylisting can be as damaging economically as a junk credit rating.
In this webinar, you can expect to learn:
- What is the FATF, who are its members, and who is on the grey list?
- How did South Africa get to the point of being considered for a grey listing?
- What were the key findings which has led to the FATF having concerns about South Africa’s AML and CTF processes?
- Who is working on fixing the issues, and will South Africa meet the deadline?
- How does a country get off the grey list once they are on it?
- What will a grey listing mean for South Africa economically?
- Will greylisting affect FDI into South Africa, and if so, from which regions?
- Will there be a direct impact on everyday investors?
The speakers
Jennifer Anderson
Head of Investment Platform Product & Communications
INN8
Jennifer Anderson joined the INN8 team in early 2020 as Head of Investment Platform Product & Communications after heading up Product development for the STANLIB Platform since 2017. Jennifer specialises in the retail investment industry specifically in the areas of investment platforms, product design and management, regulation, compliance and process optimisation.
Prior to joining INN8, Jennifer held a senior platform strategy and management role at Hollard Investments and was one of the founders of the Wealthport Platform. Jennifer is a Category III Key Individual and has a Bachelor of Business Science and Information systems cum laude from the University of Cape Town.
Jennifer’s passion is enabling financial freedom, she’s been saving for retirement since she was in the womb!
Njabulo Duma
Chief Compliance Officer
STANLIB Group
Njabulo is currently the Chief Compliance Officer for STANLIB Group, representing Asset Management, Investments, Unit Trust, Pensions and Platform businesses.
In this role, Njabulo is responsible for initiating and implementing the compliance strategy (and GRC strategy in case of operations outside South Africa) and is backed up by a solid background in advising global financial institutions on GRC strategies as well as in interacting and building relationships with various key regulatory authorities across various jurisdictions.
He has over 15 years of governance, risk and compliance experience in financial services, both the public and private sector spans across various jurisdictions, i.e. South Africa, Namibia, Botswana, Eswatini, Lesotho, Jersey and Mauritius. Further to his previous experience working for the South Africa financial sector regulator and continued relationship with regulatory authorities across the various markets where STANLIB is present, Njabulo has also done some work with the Capital Markets Authorities both in Uganda and Kenya as well as the FCA in the UK.
He sits on Audit and Risk Committees of various entities and presents at their respective boards.
Njabulo holds a BBA degree in International Finance; Postgraduate Diploma in Law (Compliance); Postgraduate Diploma in Risk; Executive Certificate in Advanced Strategic Management Programme; and FinTech Programme Certificate and ACI Dealing Certificate.
He also carries a CPrac(SA) – Certified Compliance Practitioner by the Compliance Institute of Southern Africa and CRM Prac – Certified Risk Management Practitioner by the Institute of Risk Management South Africa.
Njabulo was also accepted into the Africa Emerging Leaders Programme by the Common Purpose Institute; a programme that seeks to identify the next generation of African leaders and equip them with the skills, knowledge and networks that will enable them to operate more effectively in their chosen spheres of influence.