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Anti-Money Laundering

Merchants are at the forefront of public trading and are often actively transacting with members of the public, on the Internet and on mobi-sites. Given the nature of your business activities, you may be targeted by criminals. As a merchant, you need to be on the lookout for criminal activity that may be targeting your businesses and bank accounts for money laundering, terrorist financing and other criminal activity.

Merchants are at the forefront of public trading and are often actively transacting with members of the public, on the Internet and on mobi-sites. Given the nature of your business activities, you may be targeted by criminals. As a merchant, you need to be on the lookout for criminal activity that may be targeting your businesses and bank accounts for money laundering, terrorist financing and other criminal activity.

What do merchants need to know about anti-money laundering (AML)

Standard Bank aims to protect merchants from the threat of crime and we rely on your co-operation and support regarding AML initiatives.

South Africa belongs to the Financial Action Task Force (FATF), the main international body engaged in defining policy and promoting the adoption of counter-measures for AML efforts. FATF, as an international body sets down recommendations relating to AML. Standard Bank also complies with legislation and recommendations contained within the Financial Intelligence Centre Act (FICA) and has an obligation to report suspected money laundering or related criminal activity.

Besides the punitive consequences of non-compliance, Standard Bank aims to protect staff, merchants and customers from exposure to all criminal activity. This is why we aim to partner with merchants to grow awareness about crime and to work together to offset all related risks.

What you need to do

Should you have any knowledge, information or suspicion regarding possible criminal activities, please contact us immediately. You can get in touch with the Merchant Solutions call centre or contact Standard Bank’s Security Centre directly.

Help us to fight crime and put a stop to the growing risks of money laundering and terrorist financing.

See Anti-Money Laundering brochure