Money laundering is defined as the process where the identity of the proceeds of crime is so disguised that it gives an impression of legitimate income. Criminals often target financial services firms through which they attempt to launder criminal proceeds without the firms’ knowledge or suspicion.
In order to combat money laundering and counter terrorist financing (CTF), South Africa has implemented the Financial Intelligence Centre Act (FICA) which imposes obligations on financial service providers.
While Shiftly is currently unregulated and does not fall within the scope of AML/CTF, senior management have implemented systems and procedures that meet the standards applicable to regulated sectors such as banking. This decision reflects the senior management’s desire to prevent money laundering and not be used by criminals to launder proceeds of crime.
The key components of our AML policy and CTF framework include:
Shiftly is prohibited from transaction with individuals and countries that are on prescribed sanctions lists. Shiftly will therefore screen against over 1000 sanctions lists including OFAC, FBI Most Wanted, FATF, FinCEN & Interpol. Clients are also screened against Domestic Prominent Influenceable Person (DPIP) & Foreign Prominent Public Official (FPPO) sources.