Here are just a few examples:
The Prevention of Organised Crime Act (POCA): The POCA introduced laws that work against organised crime and gang activities, with a special focus on money laundering, racketeering and related illegal business activities.
Anti-Money Laundering (AML): Refers to the fight against money laundering and can include many processes and steps that get taken to attempt to prevent money laundering from occurring.
Know Your Customer (KYC): The practice carried out by institutions to identify and verify who their clients are before stepping into a business relationship. For individuals, this proof is often presented by means of an ID book and proof of residence.
We have put together a reference guide to simplify and provide you with a broad understanding, and quick reference, of these Acts, concepts and acronyms. Download your free copy below!