Regulatory Alerts2023-12-11
G4-2023 - Matters on the Use of Terrorist Financing or Other Unlawful Activity
The South African Reserve Bank has issued G4-2023 to require banks, controlling companies, and foreign branches to implement comprehensive, board-approved policies and risk-management processes for countering terrorist financing and other unlawful activities. These entities must establish robust know-your-customer standards, targeted financial sanctions compliance, and continuous transaction and payment screening aligned with updated Financial Action Task Force recommendations. The guidance mandates enhanced due diligence for high-risk clients, regular internal and external audits, dedicated staff training, and adequate technological resources to ensure effective risk mitigation and regulatory compliance.
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