South Africa: Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)-Technical Note
IMF Staff Country Reports, March 3, 2015
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- South Africa: Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)-Technical Note
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Bibliographic details
- Published: March 3, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498331548.002
Overview and scope
- Discusses findings and recommendations made in the Financial Sector Assessment Program (FSAP) for South Africa in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT).
- Publication date: March 3, 2015
- Pages: 23
- Volume: 2015
- Issue: 051
- Series: Country Report No. 2015/051
- DOI: https://doi.org/10.5089/9781498331548.002
- Stock No: 1ZAFEA2015001
- ISBN: 9781498331548
- ISSN: 1934-7685
Strengthened elements of the AML/CFT framework identified
- The AML/CFT supervisory framework for the financial sector, in particular the banking sector, has been strengthened by:
- The amended Financial Intelligence Center (FIC) Act that took effect in 2010.
- The creation of the AML/CFT supervision team within Banking Supervision Department (BSD) of the South African Reserve Bank (SARB).
Key technical deficiencies highlighted
- Significant technical deficiencies remain, including:
- The absence of requirements to identify and verify the identity of beneficial owners of customers.
- The absence of requirements to apply enhanced diligence to high-risk situations.
Subjects and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Corruption, Crime, Legal support in revenue administration, Money laundering, Revenue administration
- Keywords: Africa, AML, Anti-money laundering and combating the financing of terrorism (AML/CFT), bank, CFT, CFT compliance issue, CFT framework, CFT inspection, CFT inspector, CFT regime, CFT resource, CFT responsibility, CFT supervision, CFT system, Corruption, CR, ISCR, Legal support in revenue administration, Money laundering
International Monetary Fund. Monetary and Capital Markets Department "South Africa: Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)-Technical Note", IMF Staff Country Reports 2015, 051 (2015), March 3, 2015.
Content in this bundle
- _cr1551 - Executive Summary