Our latest South African Chamber of Commerce UK Business Networking Breakfast was generously hosted by Chamber member Streathers Solicitors, bringing members and guests together for networking and a timely discussion on the international anti-money laundering framework.

Cormac Mannion, regulatory solicitor at Streathers Solicitors, led a practical conversation on FATF grey-listing and what increased compliance scrutiny can mean for businesses and individuals with connections between South Africa and the UK. His regulatory practice includes advising on anti-money laundering and sanctions.

The discussion moved beyond regulatory terminology to consider some of the real-world consequences businesses and individuals can experience, including:

• more extensive due diligence and source-of-funds checks;
• increased scrutiny of businesses with South African owners or beneficial owners;
• delays when completing financial or property transactions;
• additional challenges around cross-border payments and financial services; and
• knock-on effects across sectors, including charities and non-profit organisations.

One particularly useful point was that these issues do not necessarily stop at South Africa’s borders. A UK company may be incorporated and operating in Britain but could still encounter additional questions where its ownership, beneficial owners or business activities have connections to jurisdictions considered higher risk.

Preparation can make a significant difference

Cormac’s practical message to members was simple: be prepared.

Where additional compliance checks are likely, gathering appropriate documentation in advance and being ready to explain sources of funds or wealth can help reduce unnecessary delays.

He also encouraged businesses and individuals to engage constructively with compliance teams. Although some questions can feel intrusive, understanding why they are being asked and approaching the process openly can often make matters run considerably more smoothly.

The conversation was further enriched by members sharing their own experiences, including the impact that greater scrutiny can have on international donations and the non-profit sector.

Expertise within our Chamber network

A key benefit of the Chamber is the expertise and experience that exists within our membership, and our Business Networking Breakfasts provide an informal opportunity to share that knowledge.

Our thanks to Chamber member Streathers Solicitors for hosting us, and to Cormac Mannion for sharing his expertise and turning a complex compliance subject into a practical and engaging conversation.

Members with specific questions about anti-money laundering requirements, due diligence or how their South African connections may affect UK transactions are encouraged to reach out to Streathers Solicitors for advice specific to their circumstances.

Our breakfasts combine these short, relevant discussions with plenty of opportunity to meet fellow members, exchange experiences and develop new connections.

We look forward to welcoming members and guests to one of our upcoming Chamber breakfasts across our growing network of locations.