Regulatory Alerts2018-10-03
Memorandum of Understanding between the Financial Intelligence Centre, the South African Reserve Bank and the Prudential Authority
The Financial Intelligence Centre, the South African Reserve Bank, and the Prudential Authority jointly issued this 2018 Memorandum of Understanding to formalize their cooperation, information exchange, and collaborative oversight of financial institutions. The agreement establishes a Consultative Committee and a Monitoring Review Committee to facilitate strategic dialogue, while defining protocols for the lawful sharing of confidential data to combat money laundering, terrorist financing, and systemic financial risks. Grounded in the Financial Intelligence Centre Act and the Financial Sector Regulation Act, the document standardizes supervisory arrangements and clarifies the respective mandates of each entity to ensure consistent regulatory enforcement across South Africa’s financial sector.