Regulatory Alerts2007-01-24
Banks Act Circular 4/2007: Trilateral discussions on internal audit for AML/CFT
The South African Reserve Bank issued Banks Act Circular 4/2007 to mandate that all banks present on the internal audit function's role in anti-money laundering and combating the financing of terrorism during 2007 trilateral discussions. The circular requires institutions to provide detailed feedback on audit findings, compliance status, and interactions with relevant committees and officers prior to the meetings. Attendance is compulsory for audit committee members, external auditors, and key executive heads, with signed acknowledgements of receipt required from the chief executive and independent auditors.
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