SOWETO INVESTMENT CORPORATION (PTY) LTD
 
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BOLD_INNOVATIVE_INVENTIVE_VISIONARY

FPDI™
Fraud Prevention, Detection & Investigations
Seasoned Internal Auditors - Auditing for Fraud

Anti-Money Laundering (AML)

FPDI was established to strengthen Africa's measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities. We help countries and businesses establish AML programs, report suspicious activity, verify the identity of customers, and apply enhanced due diligence to certain types of accounts involving foreign persons. Our services include, but not limited to:
  • Establishing AML Programs

  • Reporting Suspicious Activity

  • Verifying the Identity of Customers

  • Due Diligence Measures for Certain Accounts Involving Foreign Persons

  • Special Measures

  • International Transportation of Currency or Monetary Instruments     

Establishing AML Programs    

We will assist you in developing an AML Program, which must be in writing and must include:

    • the development of internal policies, procedures, and controls;
    • the designation of a compliance officer;
    • an ongoing employee training program; and
    • an independent audit function to test programs.

We provide guidance to clarify regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships, particularly those that present a high risk for money laundering or terrorist financing. As explained in the guidance: "[i]nformation on beneficial ownership in account relationships provides another tool for financial institutions to better understand and address money laundering and terrorist financing risks, protect themselves from criminal activity, and assist law enforcement with investigations and prosecutions.            

 Additional Resources                        

Fraud Investigations                         

FDPI aims to help African governments and businesses reduce the incidence of fraud and white-collar crime and to assist their employees in fraud detection and deterrence. To accomplish our objectives, FDPI:  

      Provides programs and training in fraud prevention and detection

      Set high standards in fraud investigations and adheres to a strict code of professional conduct and ethics  

      Requires its auditors and investigators to obtain continuing education in fraud investigations

      Serves as the outsourced internal auditors for businesses for evaluating fraud related internal control

      Provides leadership to inspire public confidence in the integrity, objectivity, and professionalism of Fraud Examination
                                 
      Our Services include, but not limited to:
                                 

Fraud Risk Management

Learn how to identify fraud risks, establish an anti-fraud culture, and ensure fraud awareness in your organization. The field of risk management has attracted increased mainstream attention in the wake of the economic meltdown as the public has begun to comprehend the negative effects of uncontained risk. Unfortunately, many risk management professionals tend to underestimate the role of fraud in the scope of their professional duties.

With organizations losing an estimated 5 percent of their annual revenues to fraud, the need for a strong anti-fraud stance and proactive, comprehensive approach to combating fraud is clear. As organizations increase their focus on risk, they should take the opportunity to consider, enact and improve measures to detect, deter and prevent fraud. This course will explain how organizations can integrate anti-fraud initiatives into their risk management programs to:  

  1. Identify, assess and manage fraud risks from all sources
  2. Support fraud risk management initiatives by establishing an anti-fraud culture and promoting fraud awareness throughout the organization
  3. Develop a system of internal controls to address the entity’s fraud risks
  4. Address and respond to any identified instances of fraud

          
Conducting Internal Investigations                                                        

We will lead an internal investigation with accuracy and confidence from receiving the initial allegation to testifying as a witness. Conducting an internal investigation can be a difficult task. An investigation into employee wrongdoing can be costly, disruptive and time-consuming, and can also lead to a variety of legal problems and other unexpected complications if it is not conducted with the utmost care and confidentiality. However, a well-run internal investigation can enhance a company’s overall well-being and can help detect the source of lost funds, identify responsible parties and recover losses. It can also provide a defense to legal charges by terminated or disgruntled employees. But perhaps most important, an internal investigation will signal to other employees that the company will not tolerate fraud.

 bribery and corruption book               

Bribery and Corruption    

Learn to protect your organization by effectively incorporating anti-bribery and corruption compliance policies, as well as effective detection and investigation procedures, into your anti-fraud strategy. Corruption schemes make up one-third of the reported fraud cases, with a median loss of $250,000, according to the 2012 Report to the Nations on Occupational Fraud and Abuse. Those often devastating effects, combined with a dramatic increase in the number of enforcements, have made bribery and corruption a key issue for many global organizations. The extension of anti-corruption laws to vendors presents additional vulnerability to companies.

We will help you protect your organization by effectively incorporating anti-bribery and corruption compliance policies, as well as effective detection and investigation procedures, into your anti-fraud strategy. We will provide you with an understanding of common corruption schemes and anti-corruption liability, including the Foreign Corrupt Practices Act (FCPA), UK Bribery Act and other anti-corruption legislations in Africa. We will provide you with skills and knowledge to help you recognize red flags, manage global investigations, and combat the threat of bribery and corruption in your organization.

Fraud Investigation Tools and Techniques

​Definition of Fraud

  • Statistics
  • Characteristics of fraud

Types of Fraud

  • Financial statement fraud
  • Misappropriation of assets
  • Corruption

Key Federal Statutes

  • Bribery, graft, corruption
  • Conspiracy
  • Fraud and false statements
  • Embezzlement and theft
  • False claims and contracts
  • Wire and mail fraud
  • FCPA
  • Anti money laundering

Investigative Guiding Principles and Process

  • Predication
  • Confidentiality
  • Legal constraints
  • Evidence
  • Investigative process — model

Investigative Tools and Techniques

  • Interviewing
  • Identify “normal behavior”
  • Look for “deceptive behavior” and “stress signals”
  • Document analysis
  • Public records
  • Surveillance and other techniques

Key Questions to Consider

  • Who perpetrated the fraud?
  • Who was aware of the fraud?
  • What was taken (assets, information) and what was it converted into?
  • When did the fraud occur (first and last instance)?
  • Why did the fraud occur (what pressures existed)?
  • How did the fraud occur and how was it concealed (what internal controls were not in place or not operating effectively)?
Additional Fraud Investigation Services we offer:
  1. Fraud Fighting Proactively: Prevention and Deterrence
  2. Emerging Trends, Current Issues, & International Incidents
  3. Auditing for Fraud
  4. Using Technology in the Detection of Fraud
  5. Risk Management
  6. Legal, Ethics, and Compliance Issues
  7. Fighting Fraud in the Field
  8. Best Practices and Case Studies
  9. Persuasive Interview Techniques
  10. Finding Hidden Assets: Privacy, Liability, and Success

Industries:   

  1. Financial Services
  2. Energy & Utilities
  3. Government
  4. Manufacturing
  5. Health Care
  6. Life Sciences
  7. Consumer Services
  8. Food & Beverage
  9. Municipalities

Helpful Links

  1. Association of Certified Anti-Money Laundering Specialists [ACMS - South Africa]
  2. Report to the Nations - Global Fraud Study
  3. Financial Intelligence Center - South Africa
  4. Know Your Country - South Africa
  5. Anti-Corruption Links - UN
  6. Corruption Perception
  7. Corruption Perception 2013_CPIBrochure_EN.pdf
    2.0 MB

  8. Global Corruption Repor
  9. t2013_TRAC_EmergingMarketMultinationals_EN.pdf
    5.9 MB
  10. Transparency in Corporate Reporting
  11. 2013_TRAC_EmergingMarketMultinationals_EN.pdf
    5.9 MB