Suspicious deposits slip through porous regulatory system, Willie Hofmeyr says
Hofmeyr also says retailers should be included on a list of accountable institutions that have to report suspicious transactions to the Financial Intelligence Centre
15 March 2017 - 15:06
Gaps in SA’s regulatory regime facilitated illicit financial flows, deputy National Director of Public Prosecutions Willie Hofmeyr, told MPs on Wednesday. These included the fact that banks did not require customer verification from people making large bank deposits, which currently can be made anonymously. Hofmeyr said in a presentation during a hearing on illicit financial flows by Parliament’s finance, trade and industry and mineral resources committees that this practice had become more common, and was an area that needed legal reform.
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