Money Laundering and Terrorist Financing Risk

Money Laundering, Terrorist Financing and many other Financial Crimes have plagued the financial services industry following the collapse of the Global Economy during the 2008 Financial Crisis.

We have seen an increase in the number of regulations aimed at fighting Financial Crimes introduced in the Audit and Accounting industry. These regulations are aimed at protecting the public and the economy from the adverse effects of Financial Crimes. According to the 2020 Financial Intelligence Centre Report, the rate of cybercrime and COVID-19 related fraud increased and created vulnerabilities for both financial and non-financial institutions.

BDO Zambia has been a part of the fight against Money Laundering and Terrorist Financing and is constantly enhancing Anti Money Laundering (AML)/Combating Terrorist Financing (CFT) controls within the firm.

Our Customer Due Diligence procedures have also been aligned to both local and international AML/CFT standards. Our controls are designed to aid our staff in detection of red flags, protection of BDO Zambia’s reputation, and our clients from exposure to vulnerabilities whilst upholding the integrity of our firm.

To serve our clients better, we have implemented a standard checklist to guide our new clients on the mandatory documentation required during our KYC Due Diligence process.

For further information, please contact us (Contactus@bdo.co.zm)