European Parliament Library

South Africa :, Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)-Technical Note

This Technical Note discusses findings and recommendations made in the Financial Sector Assessment Program (FSAP) for South Africa in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The AML/CFT supervisory framework for the financial sector, in particular the banking sector, has been strengthened by the amended Financial Intelligence Center (FIC) Act that took effect in 2010 and the creation of the AML/CFT supervision team within Banking Supervision Department (BSD) of the South African Reserve Bank (SARB). Significant technical deficiencies remain, such as the absence of requirements to identify and verify the identity of beneficial owners of customers and to apply enhanced diligence to high-risk situations
Table Of Contents
Cover; Contents; Glossary; EXECUTIVE SUMMARY; TABLES; 1. Main Recommendations for AML/CFT; INTRODUCTION; PROGRESS SINCE THE LAST ASSESSMENT; A. Main Findings of the 2009 MER; B. Subsequent Developments; C. Draft Amendments to the FIC Act; ML/FT RISKS AND NATIONAL AML/CFT STRATEGY; A. Key Recommendations; AML/CFT MEASURES IN THE FINANCIAL SECTOR; A. Preventive Measures in the Banking Sector; B. AML/CFT Supervision of Banks; 2. STRs Filed by Banks: 2008-2013; C. Application of Risk-Based Approach to AML/CFT Measures and Supervision of Banks; D. AML/CFT Supervision by FSB; E. Key Recommendations
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (24 p.)
Specific Material Designation
Form Of Item

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