Satori Anti-Money Laundering (SGAML)

Anti-Money Laundering (AML)

The term 'money laundering’ refers to all procedures, methods, and transactions designed to change the identity of illegally obtained money so that it appears to have originated from a legitimate source.  It is recognised that cash lends anonymity and is therefore the normal medium of exchange for many forms of criminal activities, in particular, drug and arms trafficking as well as criminal activities involving fraud, dishonesty and corruption.

The extent and impact of these criminal activities globally have required countries to make concerted efforts to defend their institutions, financial systems, economies and citizens by criminalising the proceeds of these crimes.

Counter Terrorism Financing (CTF)

Counter Terrorist Financing (CTF) refers to the accommodating or facilitating of financial transactions that may be directly or indirectly related to terrorists, terrorist activities and/ or terrorist organisations. Once the financial institution knows or suspects, or should reasonably suspect that an individual/group is associated with any terrorist activity or group, a financial institution (in carrying out a transaction for or with that individual/group), may be considered to be facilitating terrorist activity whether or not the institution knows the specific nature of the activity facilitated, or whether any terrorist activity was actually carried out.