World-class AML compliance for 98% cheaper than everyone else – this is the ultimate guide to super fast and affordable AML compliance for microlenders

In today's interconnected world, microlenders, like all small businesses, must navigate complex regulations, including AML (Anti-Money Laundering) compliance. This is especially pertinent in Southern Africa, where the financial landscape is rapidly evolving.

But how do you keep your rates down in the face of these extra compliance expenses? You find a smarter solution that’s over 90% cheaper, of course…

Here's a guide to getting your microlending business AML-compliant quickly and affordably.

Why do Microlenders Need to Comply with AML?

Money laundering is a huge global threat, with criminals specifically targeting and exploiting our financial sectors to fund terrorism and organised crime. And our governments are implementing AML regulations to try and put a stop to these illicit activities – see all about the need for AML compliance.

Now, as a microlender, you might say, “Hey I’m not a bank; I’m a small entity that needs to work with hairline margins in an extremely competitive space just to eke out a living – so why should I have to invest in extremely expensive scanning tools?”

And you wouldn’t be wrong – the costs to get compliant can be extreme.

But the truth is that AML compliance is a legal requirement, and it’s particularly important in the financial services sector.

Lending is a financial service, and therefore regulators are going to expect every microlender to get AML complaint or face severe penalties – see how much this Namibian company was fined recently, and it doesn’t even come close to this monstrous fine in South Africa.

Naturally, you don’t want that either.

So what is a lender to do?

Challenges for Microlenders in AML Compliance

The primary challenge lies in the high costs associated with sanction screening tools, essential for AML compliance. 

Microlenders, operating on tighter budgets, face the dilemma of balancing regulatory compliance with cost efficiency. See our post on balancing cost versus AML compliance.

Lowering microlenders’ AML costs, though, is where ZenDetect steps in.

ZenDetect: Affordable AML Compliance for Microlenders

ZenDetect understands the unique challenges that microlenders face when it comes to AML compliance. ZenDetect is a locally (African) built tool designed to offer competitive pricing in the AML space. 

By opting for ZenDetect, you can save up to 98% on your sanction list screening.

How to Get AML Compliant through ZenDetect Today

STEP 1: Book a Demo with us and we'll show you how ZenDetect operates, discuss technical details, and explain integration with your admin systems.

STEP 2: Our team will assist your developer in integrating ZenDetect, or help you find a developer for this purpose.

STEP 3: As soon as it’s set up, you can bulk upload your database and screening begins immediately – the system will continuously and automatically screen, and you’ll be notified whenever the Sanction Lists are updated or if a flag requires your attention.

With ZenDetect, you get:

  • Integration: ZenDetect offers seamless integration with your existing systems, making it easy to incorporate AML screening into your daily operations.
  • Sanction Screening: Use ZenDetect's robust tools to screen your customers, vendors, and partners against global sanctions lists, ensuring that you are not involved in any illicit transactions.
  • Continuous Monitoring: ZenDetect offers continuous monitoring services to keep you updated on any changes in sanctions lists or potential risks, ensuring ongoing compliance.

Learn more about our unique and affordable sanction screening for your small business AML compliance, the benefits of getting compliant and how to conduct sanction screening in our post on how to get sanction screening in Africa.

See SA’s FIC urgent plea to lawyers and estate agents: get compliant to avoid AML penalties.