Risk-based approach best to beat greylisting, says FSCA
The Financial Sector Conduct Authority not planning extra compliance hurdles in fight against money laundering and terror financing
05 March 2023 - 07:37
The Financial Sector Conduct Authority (FSCA) says its “risk-based” approach for financial institutions fighting money laundering and terror financing is preferable to additional compliance hurdles as the country begins its journey to escape the Financial Action Task Force (FATF) greylist.
The FATF announced last week that it would add South Africa to its list of jurisdictions subjected to increased monitoring after it found shortcomings in its legislative and enforcement measures aimed at fighting money laundering and terror financing...
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