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2025 AML/CTF Amendment Bill: Essential Compliance Changes in South Africa You Need to Know
In December 2024, South Africa’s Treasury released a draft AML and CTF Amendment Bill, seeking public input to bolster the nation’s financial compliance framework and address its greylisting since February 2023. The bill aims to enhance compliance measures, prepare for a FATF evaluation in early 2025, and harmonize existing legislation. Key changes include mandatory enhanced due diligence for high-risk clients, public disclosure of beneficial ownership, and stringent reporting obligations. Non-compliance can result in fines up to R10 million or imprisonment. The bill underscores the need for robust compliance across various sectors and encourages the adoption of advanced technologies for better risk management.
Insurity and InsCipher Join Forces to Simplify Surplus Lines Tax Compliance
Insurity, a cloud-based software provider for the insurance sector, has partnered with InsCipher to improve tax compliance and operational efficiency for insurers. This collaboration aims to automate surplus lines tax filing, ensuring compliance with state regulations and enhancing reporting accuracy. The integration will connect Insurity’s policy administration systems with InsCipher’s automated tax processing software, reducing manual workloads and minimizing errors. Both companies aim to streamline the historically complex surplus lines tax management process, ultimately benefiting insurers by saving time and lowering transaction costs. This partnership reflects Insurity’s commitment to delivering innovative solutions for its clients.
US SEC Declares Meme Coins Are Not Securities: What This Means for Investors
The US Securities and Exchange Commission (SEC) recently announced that meme coins are not classified as securities under federal laws, significantly impacting their regulation and trading. According to the SEC’s Division of Corporation Finance, transactions involving meme coins are exempt from registration under the Securities Act of 1933. Meme coins, driven by market demand and speculation, are likened to collectibles and primarily serve entertainment purposes. The SEC’s evaluation, using the Howey test, concluded that meme coin purchases do not involve investment in an enterprise. However, fraudulent activities related to them remain subject to enforcement under various laws, ensuring market protection.
Signicat and Strise Join Forces to Revolutionize KYC and AML Processes
Signicat has partnered with Strise to create an integrated solution that combines Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, streamlining regulatory processes from onboarding to ongoing compliance. This collaboration merges Signicat’s digital identity verification capabilities with Strise’s AML expertise, replacing the need for multiple compliance tools. Key features include dynamic webforms, advanced authentication, and customizable workflows via Signicat’s Mint platform. The solution also offers automated onboarding, fraud prevention, and real-time AML monitoring, enhancing operational efficiency. Industry leaders emphasize that this partnership simplifies compliance, reduces manual tasks, and ensures adherence to regulations.
Hornetsecurity Partners with Proofpoint for Strategic Cybersecurity Acquisition
Proofpoint plans to acquire Hornetsecurity Group to enhance cybersecurity solutions for small and medium-sized businesses (SMBs) and managed service providers (MSPs). This strategic merger aims to strengthen AI-powered Microsoft 365 security and data protection against human-centric cyber threats. Hornetsecurity, recognized for its cloud-based security services, contributes over $160 million in annual recurring revenue and will serve as a central hub for SMB and MSP customers. The acquisition is expected to close in the second half of 2025. Both companies aim to set new standards in cybersecurity by integrating their capabilities to improve detection and response.
Vietnam’s PTI Transforms Pricing Strategy with Akur8’s Cutting-Edge Machine Learning Platform
Akur8, a Paris-based InsurTech firm, has partnered with Vietnam’s Post Telecommunication Joint Stock Insurance Corporation (PTI) to improve PTI’s actuarial capabilities through Akur8’s advanced pricing platform. This collaboration aims to enhance pricing transparency, accelerate model development, and support data-driven decision-making amid Vietnam’s rapidly evolving insurance sector. PTI’s successful pilot phase demonstrated the platform’s efficiency in building numerous pricing models quickly. Tien Pham Hong, PTI’s actuary manager, praised Akur8 for its functionality and support. Akur8’s CEO, Samuel Falmagne, highlighted the partnership’s potential to empower PTI with agile, data-driven pricing strategies in a competitive market.