ACAMS South Africa Chapter—News and Updates

Meet Our Board Members:

Roy Melnick, CAMS
Co-Chair

Roy Melnick

Roy’s career was initially in Law Enforcement as a senior manager in the commercial branch of the South African Police Service investigating specialized Financial Crime Investigations. He was seconded to the Nel Commission of Inquiry which was tasked by the President of the country to investigate the largest financial fraud in the country’s history at the time and also assigned to the Office for Serious Economic Offences—a specialist unit consisting of specialist prosecutors and investigators, established to investigate high-profile white collared crime and prosecute offenders.

Roy joined Absa—a banking services group and member of Barclays Group during 1996 as the head of group investigations. He later held the portfolios of head of strategic forensic initiatives, responsible for new financial crime initiatives and head of pro-active forensic solutions responsible for financial crime systems and pro-active detection measures. In 2003, Roy was appointed as group money laundering control officer responsible for money laundering, terrorist financing and later sanctions risk management. This included ensuring compliance with AML/CTF regulatory requirements.

In 2008, Roy formed his own company Financial Crime Risk Management Consultants which specializes in financial crime, anti-money laundering and sanctions risk management. Some of his key clients include Absa, PWC and the University of Pretoria. He is a Certified Anti-Money Laundering Specialist and previously served on the board of EXP Consulting — a specialist consulting company.

Roy joined PWC in October 2010 as an associate director in the Risk Advisory Services division with the objective of establishing an AML, Terrorist Financing and Sanctions risk management practice.

Roy holds a diploma in Police Administration (Criminal Law, Criminal procedure, and Statutory Law), and is currently studying toward a Bachelor of Commerce specialising in risk management.

Email: roy.melnick@za.pwc.com

Kevin West
Co-Chair

Kevin West

Kevin is a partner at KPMG South Africa in the Forensic Group, heading up the Anti-Money Laundering and Anti-Bribery and Corruption Service Lines. Kevin holds a BCOM (Honours) degree, Advanced Diploma in Labour Law and a Certificate in Money Laundering Control. Kevin is also a Certified Fraud Examiner (CFE) having served on the local chapter board until this year. He is also a board member of the Institute for Commercial Forensic Practitioners (ICFP).

Kevin has both local and international experience in the AML field, having performed AML work in South Africa, Angola, Mozambique, Botswana, Tanzania, Kenya, Uganda, UK, U.S., UAE, Russia and Pakistan.

His knowledge base includes conducting AML Legislative Gap Analyses; compiling AML Compliance Procedures, Processes and Internal Rules; implementing AML Tactical Solutions and Sanction requirements and AML training; liaising with the Banking System Vendors regarding upgrading of banking systems to accommodate AML and Sanction requirements; implementing a tactical Customer and Paying Screening solutions; conducting AML Risk Assessments of the Customer databases; providing Business as Usual assistance to bank Financial Crime Units in respect to Customer and Payment screening; conducting a batch customer screening procedure for both Sanctions and PEP’s; conducting KYC review and remediation procedures; and conducting AML and sanctions training.

Kevin’s international bank experience involves working with a bank in Uganda implementing a tactical Customer and Payment Screening solution and procedures. He conducted a Risk Based Approach Gap Analysis in commercial and retail banking, as well as compiled a Risk Based Approach Framework and Correspondent Bank Policy for a commercial and retail bank in the emerging market and Western Europe. Kevin has presented Risk Based Approach Training to compliance officers, conducted Customer Screening for a bank in Russia, assisted in the co-ordination of a Sanctions Training project for a major international bank, and conducted Correspondent Banking Due-Diligence for a bank in Russia.

Kevin has also consulted for the United Nations Development Programme—Somalia in respect of Somali remittance companies, provided AML training to a number of Somali remittance companies and compiled AML policies and procedures of a major Somali remittance company. He also authored a chapter in a World Bank publication on the challenges faced by Somali remittance companies in achieving AML compliance.

Email: kevin.west@kpmg.co.za

Our First Networking Event:

First South Africa Chapter Networking Event

The first networking event for the ACAMS South Africa Chapter entitled Ultimate Beneficial Ownership (UBOs) was sponsored and hosted by KPMG on the 3 of February 2011. Keynote speaker Pieter Smit from the Financial Intelligence Centre, and panel speakers Willem Janse van Rensburg—DLA Cliffe Dekker & Hofmeyr, and Andre Wentzel—Nedbank, facilitated by Roy Melnick—PwC, delivered the explanation, definitions and industry related importance of determining UBOs. The event presented individual interpretations as the official revision process is still underway.

Attended by over 60 delegates from the banking, auditing and regulatory bodies, the complexities of UBO’s were discussed. These include the context of UBOs in legal entities, natural persons, trusts as well as unincorporated associations and partnerships.

Recommendations pertaining to UBOs provided details on customer due diligence measures, incorporating regulation and supervision, and the transparency of legal persons and arrangements. Initiatives to combat money laundering were also detailed, with the need for financial institutions to take reasonable measures to understand the ownership and control structure of the customer clearly explained.

The success of the event was the ability of the industry specialists to successfully communicate within the relevant sector and establish a foundation for the understanding of UBO’s and viable recommendations.

Upcoming Conferences and Events:

1 June 2011 Networking Event—Johannesburg

2 June 2011 Networking Event—Cape Town

3–5 August 2011 Inaugural ACAMS Africa Conference—Johannesburg

The Association of Certified Anti-Money Laundering Specialists (ACAMS) in conjunction with the ACAMS South Africa Chapter is set to host hundreds of delegates from continental Africa, the U.S. and Europe for two full days of learning and networking.

The conference features a distinguished faculty of AML/CTF professionals from both the public and private sectors. Experts will share practical knowledge and proven techniques to address the latest financial crime trends and typologies affecting Africa’s ever-expanding financial system, plus:

  1. Key regional and international regulatory developments
  2. Navigating the complexities of global sanctions requirements
  3. Best practices for conducting AML investigations
  4. Mitigating money laundering risks of alternative remittance and emerging payment systems

14 September 2011 Networking Event—Johannesburg

15 September 2011 Networking Event—Cape Town

23 November 2011 Networking Event

For more information on the ACAMS SA chapter including details on their mission, board composition, upcoming events and general information please visit their web page at http://www.acams.org/south-africa-chapter/#tabbed-nav=overview or send an e-mail to acamssouthafricachapter@fcrmc.co.za

Chris Steyn, Communications Director, ACAMS SA Chapter

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