Solid Gold Podcasts #BeHeard The Laundromat with Dawn Pretorius

#4  Tick-a-box vs Outcomes - are documented risk assessments necessary?

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Don't give me rules, give outcomes; don't ask for risk assessments.

This episode explores the effectiveness or otherwise of rules-based legislation versus principles-based legislation intended for anti-money laundering. Will financial institutions find it easier to apply or not?

A related regulatory requirement is to draft extensive risk assessments. Do we consult them when a risk occurs? Businesses manage their risks anyway - why do they need it to be documented?

An opinion is given on whether the financial impact of money laundering is ever factored into published economic statistics such as GDP.

Join Dawn as she speaks with Louize Hermitage-Holt and Aziz Boghani from The Goose.
Chapters
  • 00:00 Introduction to Risk, Money Laundering, and The Goose Consultancy
  • 02:34 Aziz's Perspective on Money Laundering in Pakistan and Britain
  • 04:15 FATF, Pakistan, and South Africa's Reputational Challenges
  • 06:10 Principle-Based vs Rules-Based Regulation: Louize's view
  • 09:16 Personal Experience with Principle-Based Regulation
  • 11:04 Risk-Based Approach and Proportionality
  • 15:37 Challenges in Implementing AML Rules and Risk Management
  • 18:40 Tick-the-Box Management and the Role of Regulators
  • 21:23 Rules-Based vs Principles-Based Systems and Board Training
  • 24:47 TCFD, TNFD, and Principle-Driven Initiatives
  • 25:48 Money Laundering, GDP, and Social Inequality
Season 1 / Episode 4 23 Jun English South Africa Documentary · Business

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