Public-private partnership approach to fighting financial crime

Issue 3 2021 News, Financial (Industry)

Members of the banking community and the sector’s regulatory and supervisory authorities are making inroads in targeting and disrupting financial crime through a financial information sharing partnership, called SAMLIT (South African Anti-Money Laundering Integrated Task Force).

SAMLIT has brought together the FIC, 22 national and international banks, the South African Reserve Bank’s Prudential Authority and Financial Surveillance Department and banking association representatives SABRIC (South African Banking Risk information Centre) and BASA (the Banking Association South Africa). SAMLIT and its achievements are captured in its first recently released, annual review report for 2020.

The banking sector finds itself at the coalface of financial transactions, coupled with this, their relationship with regulators and supervisors is geared primarily towards assisting in maintaining the integrity of the financial system which includes combating money laundering and terrorist financing.

Financial information sharing partnerships involving public and private sectors in disrupting financial crime are gaining increasing significance worldwide. As part of its work, the partnership is geared towards ensuring that knowledge on the modus operandi of financial criminals is shared, that institutions increase their understanding on financial crime types and that the work of SAMLIT assists law enforcement authorities in their follow-through.

The partnership does this by enhancing the effective, efficient and timeous sharing of information with a view to generating actionable reported information from reporting entities. This improves the analytical capabilities of the FIC and related fusion working groups, enabling the FIC to issue actionable financial intelligence that helps law enforcement in their investigations and applications for asset forfeiture and criminal prosecutions.

SAMLIT has established expert working groups (EWGs), for example, that focus on specific types of financial crime vulnerabilities, threats and risk trends, as identified by SAMLIT members. EWGs conduct research, gather information and analyse local and international financial crime trends. They bring this information back to SAMLIT through typologies and solutions which are shared with banking, public sector regulatory and supervisory body partners and law enforcement authorities.

Similarly, tactical operations groups look at priority financial crime types and identify tactical approaches on how to deal with these. Their focus is strategic intelligence sharing on specific financial crime threats.

In the report, Adv Xolisile Khanyile, FIC’s director and chair of the SAMLIT steering committee, said: “The banking sector is critical to the South African economy as it provides not only financial services, but also stability and viability.”

A central FIC regulatory requirement for the banking sector is reporting on suspicious and unusual transactions and key to the financial information sharing partnership was to ensure that banks continue to improve the quality of the reports by generating actionable regulatory reports when submitting to the FIC.

Adv Khanyile said: “Banks need to provide detailed, high quality, actionable and information-rich regulatory reports for analysis, which in turn can be speedily converted by the FIC into actionable financial intelligence that adds value as it can be readily applied by law enforcement authorities in their investigations and applications for asset forfeiture.

“The intelligence needs to add value in the investigations, prosecutions and forfeiture of proceeds of financial crime and also assist in the detection and disruption of crimes that have not come to the attention of the police.”

Through its work and collective focus, SAMLIT intends increasing joint understanding of the complex nature of financial crime and the speed and sophistication with which they are executed. The information SAMLIT provides to law enforcement is intended to assist in tangible delivery in the disruption of financial crime.

Access the report at

Share this article:
Share via emailShare via LinkedInPrint this page

Further reading:

Paxton opens first experience centre in South Africa
Paxton News Access Control & Identity Management
The new Paxton Experience Centre in Johannesburg is now open and welcoming security installers and end users who want to see Paxton’s products in action.

Paratus signs re-seller agreement with Starlink for Africa
News IT infrastructure
Pan-African telco and network services provider Paratus Group announced it has entered an agreement as a distributor for Starlink’s high-speed services across the African continent, available immediately in Mozambique, Kenya, Rwanda and Nigeria.

4IR is opportunity
In South Africa, digitalisation remains ‘at a nascent stage’ which means significant work still has to be done when it comes to addressing skills development around 4IR in the country.

Five ways to reduce your cyber insurance premiums
Security Services & Risk Management News
With the global costs of cybercrime expected to soar to $13 trillion within the next five years, cyber insurance is booming as organisations try to mitigate the risk of financial losses.

Client satisfaction boosted by 85% at Thungela Mine
Thorburn Security Solutions News Security Services & Risk Management Mining (Industry)
Thorburn Security, a division of Tsebo Solutions Group, has announced its recent collaboration with Kwa-Zulu Natal security company, Ithuba Protection Services, as part of its Enterprise Supplier Development (ESD) initiatives across Africa.

Fidelity SecureFire steps into critical fire response space
News Fire & Safety
With the majority of fire stations around the country being crippled by a lack of resources to offer effective responses, Fidelity Fire Solutions has launched its own ‘first responder’ model, Fidelity SecureFire.

The state of edge security report
News IT infrastructure
Edge computing has grown from being a niche use case in a handful of industries to offering a major opportunity for enterprises across industries to spread computing power around the world.

CHI selects NEC XON as trusted cybersecurity partner
News Cyber Security Industrial (Industry)
CHI Limited, Nigeria's leading market player in fruit juices and dairy products, has engaged in a strategic cybersecurity partnership with NEC XON, a pan-African ICT systems integrator.

Collaboration delivers integrated and holistic security
Guardian Eye CCTV, Surveillance & Remote Monitoring News Integrated Solutions
Guardian Eye and Lytehouse have partnered to integrate their speciality solutions and provide a holistic security offering that overcomes the fragmentation of security systems and services.

FutureBank and IDVerse partner to fight cybercrime
Cyber Security Financial (Industry)
Generative AI is breeding different fraud types, and cybercrime is predicted to become the biggest economy in the world in the next 18 months. FutureBank and IDVerse have joined forces to keep their customers safe.