Regulatory Alerts2022-06-15
G6-2022 - Business risk assessments
The Reserve Bank of South Africa issues this guidance to require banks and controlling companies to implement robust, board-approved business risk assessments for money laundering, terrorist financing, and proliferation financing. The document mandates a systematic approach to identifying and assessing risks by utilizing diverse data sources and evaluating specific factors related to clients, products, and geographical exposure. Institutions must maintain dynamic assessment processes that incorporate trigger events and emerging trends to ensure continuous compliance with regulatory standards.
Share