What happens to money that leaves the financial system?

SIMON BROWN: I’m chatting with Hawken McEwan, director of compliance at DocFox. Hawken, I appreciate the time today. We all know what Fica is, and usually we look at it and we think it’s a pain. But before we get into some details, all accountable institutions have to do a Fica process. This seems to be almost everyone. I do it for all my banks. I do Rica with the mobile carriers, but almost anywhere I’m being brought in I have to sort of prove who I am in a sense.

SIMON BROWN: The point is it’s the fight against, as you say, corruption fraud. Truthfully, it’s even that we are a grey-listed economy; it’s part of that as well. But as much as we complain around it, it does work. In the note that you recently put out, almost R6 billion has been recovered. This is significant.

SIMON BROWN: What they’re essentially doing is creating an understanding of that network, of where everything is moving. There are movies we see where they’ve got a giant TV screen with networks touching and connecting. That’s putting pieces together. HAWKEN McEWAN: Oh, absolutely. It’s actually one of the requirements in the Financial Intelligence Centre Act, Fica. It’s under Section 21. I won’t bore you with the details, but it requires you to identify if your customer has any political exposure. You can do that through a disclosure, you can do it through research, internet searches. We certainly at DocFox carry a list of these people. And the reason for that I’m sure you are aware.

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