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Headline Stories of the Week

Wolfsberg Group recommends risk-based approach over mandatory EDD ...

20 Jun 2024 Financial Service Intelligence Watch

On 13 June 2024, the Wolfsberg Group submitted a detailed response to His Majesty's Treasury (HMT) regarding their consultation on improving the effectiveness of the UK's Money Laundering Regulations (MLRs). This response was made via electronic submission to the Sanctions ...

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Guidelines on financial literacy

19 Jun 2024 Financial Service Intelligence Watch

Financial literacy is the knowledge and understanding of various financial concepts and the ability to use that knowledge to make informed and effective decisions regarding financial resources. It encompasses a range of skills including budgeting, saving, investing, borrowing, and managing ...

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In Loving Memory of Richard Rattue (1965-2024)

19 Jun 2024 Financial Service Intelligence Watch

In Loving Memory of Richard Rattue (1965-2024) It is with profound sadness and heavy hearts that we announce the passing of Richard Rattue, the esteemed founder and Managing Director of Compli-Serve SA. Richard passed away on June 9, 2024, at ...

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FIC issues draft Guidance Note 7A for third ...

19 Jun 2024 Financial Service Intelligence Watch

The Financial Intelligence Centre (FIC) has released draft Guidance Note 7A (GN 7A) for a third round of consultation, aiming to replace Guidance Note 7, specifically Chapter 4, in addition to a published web notice. This chapter has been updated ...

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Latest Compliance News

Trustco faces punitive costs order for prolonged litigation against JSE

The Supreme Court of Appeal (SCA) has imposed a punitive costs order on Namibian holding company Trustco for engaging the JSE in protracted litigation with “no reasonable prospects of succeeding” in its bid to avoid restating its financial results. This ruling means that after four years of legal battles, Trustco ...

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Guidelines on financial literacy

Financial literacy is the knowledge and understanding of various financial concepts and the ability to use that knowledge to make informed and effective decisions regarding financial resources. It encompasses a range of skills including budgeting, saving, investing, borrowing, and managing debt. Irrespective of their income status, a financially literate client ...

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Latest Open-Source Library Items
Working Smart

By Lee Rossini

Financial literacy is the knowledge and understanding of various financial concepts and the ability to use that knowledge to make informed and effective decisions regarding financial resources. It encompasses a range of skills including budgeting, saving, investing, borrowing, and managing debt. Irrespective of their income status, a financially literate client understands the importance of financial planning, has the knowledge to make appropriate financial decisions, and how these impact on achieving their financial goals. It enables them to manage their money wisely, avoid financial pitfalls, and build a secure financial future.

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