Regulatory Alerts2022-06-15
G5-2022 Effective Implementation of Group Controls
The Prudential Authority issued Guidance Note G5-2022 to require banks and controlling companies to implement robust board-approved anti-money laundering and counter-terrorist financing group controls across all foreign operations. The guidance mandates consistent application of the higher South African or host-country standards, seamless cross-border information sharing, centralized transaction monitoring with adequate documentation, and strengthened internal audit functions. Institutions must also formally notify regulators when host-country legislation impedes domestic measures, while maintaining continuous staff training and facilitating home-host supervisory assessments.
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