SA banks at high risk of terrorism and money laundering
SA’s largest banks are at “high risk” of falling foul of money laundering, terrorism and proliferation financing activity, according to a new report by the Prudential Authority , a division of the Reserve Bank that regulates financial institutions.
The PA released its second banking sector risk assessment on Tuesday. It surveyed 34 lenders active in SA, including five large banks, nine medium to small locally controlled banks, 17 foreign-controlled banks and branches of foreign banks, and three mutual banks. The assessment focused on the money laundering, terrorist financing and proliferation financing risks identified in the banking sector between October 2018 and December 2020...
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