Following South Africa’s financial greylisting by the Financial Action Task Force for not fully complying with international standards around the prevention of money laundering and terrorist financing, significant amendments have been made to the Financial Intelligence Centre Act .
The bank was issued with a reprimand and a directive to take remedial action, along with a financial penalty of R35-million. “The shift to holding institutions accountable will not change. Enforcement will continue to increase to reverse the greylisting for insufficiently tackling illicit financial flows,” notes Sameer Kumandan, MD of SearchWorks.
The enhanced compliance requirements for accountable institutions in terms of FICA require such businesses to:
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