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Browsing: Financial Crimes South Africa
- South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy.
- The government estimates that between $2 billion and $8.3 billion is laundered annually through local financial institutions.
- Banks in South Africa must find a new way to prove identity to prevent money laundering and cyberattacks.
South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy, an undertaking that banks can help to rescue the country from the grey list. In January 2025, the global anti-money laundering watchdog, the Financial Action Task Force will review its decision to greylist South Africa. The agency will interrogate the public and private sector measures taken by the country to address its concerns.
The nation will have to present a workable, scalable plan to stop fraud, money laundering, and other financial crimes. Failure to do so will have severe negative economic …