Solid Gold Podcasts #BeHeard The Laundromat with Dawn Pretorius

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

Loading player...
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

Other recent episodes

Are we fighting crime or ticking boxes? | Oonagh van den Berg

Discover what FSIs can do (and should do) but don't do, to fight crime. This episode with Oonagh van den Berg of Raw Compliance takes a bold step in re-looking at how we comply with our AML regulatory requirements. Oonagh argues that many current control frameworks are not fully fit…
Season 1 / Episode 12 40 min

A lifestyle audit is just a piece of paper. Why bother?

Lifestyle audits are symbolically unsubstantial. Lifestyle audits can be extremely valuable, especially considering the high level of crime within the public sector, and South Africa is a notable example. Many public departments treat audits as mere self-reporting exercises without verification. There is poor follow-through on findings, a lack of mandatory…
Season 1 / Episode 11 21 min

Are we fighting crime or feeding the system? | Pieter Rossouw

Rethinking the RBA, AML effectiveness, and UBO failures. In this hard-hitting episode, Dawn Pretorius is joined by seasoned financial-crime expert Pieter Rossouw to unpack whether our global AML systems are truly fighting illicit finance — or unintentionally fuelling it. From the misuse of the risk-based approach, to the startling ineffectiveness…
Season 1 / Episode 10 52 min

The Compliance Crunch: Tech, Risk & Regulation | Jonnie Davis

Where technology, crime, and compliance collide. A sharp, investigative podcast that exposes how technology is reshaping the global fight against money laundering. Hosted by Dawn Pretorius, The Laundromat tackles the fast-evolving world of AML through expert conversations, real-world cases, and bold questions about regulation, innovation, and the launderers who always…
Season 1 / Episode 9 43 min

Grey list, global scams, and AML realities | Bela Carvalho-Olivier

A candid, insider view of AML’s wins, failures and future. ✅ South Africa’s greylisting journey — are we really out of the woods? ✅ The rise of scams as a global, multi-billion-dollar industry. ✅ The real challenges faced by AML professionals on the ground. ✅ Whether SMEs and non-financial businesses…
Season 1 / Episode 8 32 min
All episodes