Revolutionising AML Compliance in South Africa: Africa NewLaw and InScope-AML Announce Partnership
Africa NewLaw and InScope-AML have announced a partnership that will see Africa NewLaw offer InScope-AML’s Compliance Management solution to the South African market as from Q3 this year.
Africa NewLaw is a consultancy practice that assists clients with the transformation of their legal services delivery through technology. Within their Risk and Compliance Management Consulting service, they work with their clients to seize opportunities and build strategic competitive advantage, while navigating uncertainty and empowering the client’s staff. All this within a culture of compliance, increased effective control, and risk mitigation.
Rian Hancock, Africa NewLaw Managing Director, says: “Increased anti-money laundering regulatory pressure, mainly due to the FATF grey listing, is making affected companies look for solutions that can assist them in managing the complexity involved. Such solutions should assist in the development of an effective and value driven compliance function which addresses the requirements laid out in the Generally Accepted Compliance Practices (“GACP’s”) as developed by the Compliance Institute of South Africa (“CISA”).
At Africa NewLaw, we are focused on helping our customers find solutions for AML Compliance Management that are effective, efficient and fit-for-purpose to deliver more value for their legal spend. It is within this context that we have selected InScope-AML from amongst a number of AML Compliance Management tools to be able to offer our clients an anti-money laundering compliance management tool that ticks all the boxes. With InScope-AML we will assist our clients turn AML compliance from a cost centre to a strategic enabler. We are bringing InScope-AML on board at an affordable price and our aim is to combine leading consulting with a global product customised for the South African market.”
For Brett Trojanowski, Business Development Manager at InScope-AML, “InScope-AML addresses the complexity companies face in AML compliance management. The solution originated from Malta, itself a country that was put on the FATF grey list and which managed to get delisted in a relatively short period of time. Being a South African, I understand that in this solution-driven market, the human component is just as important as the technological component. Partnering with Africa NewLaw will allow us to seamlessly intertwine these two components to bring you a solution that satisfies the need for extensive expertise and experience in compliance legislation and technology.”
InScope-AML is a solution which enables affected companies to stay on top of their anti-money laundering processes by simplifying compliance obligations, enforcing robust and consistent processes, and helping organisations focus on what is important.
The solution offers a rigorous approach, backed by subject-matter experts, while helping affected companies keep up to date with international conventions, sanctions lists and local regulatory requirements. It also provides control of the whole process through dashboards and alerts. For organisations wrestling with Anti-Money Laundering regulations, this could well be the game-changer they’ve been searching for.
InScope-AML is accredited by The Institute of Chartered Accountants in England and Wales (ICAEW) and is currently in use by companies in 8 countries, including South Africa.