Regulatory Alerts2022-10-31
Guidelines related to risk management practices concerning proliferation financing risk
The South African Reserve Bank issues this guidance to require banks and controlling companies to implement robust corporate governance and risk management frameworks for proliferation financing risk. The document mandates adherence to FATF Recommendations and South African legislation to ensure continuous monitoring, sanctions screening, and adequate mitigation of exposure to weapons of mass destruction financing. Banks must conduct regular risk assessments and apply enhanced due diligence to clients and transactions involving dual-use goods or high-risk jurisdictions to prevent the evasion of targeted financial sanctions.
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