AML/CFT and Financial Inclusion in SADC - Finmark Trust

AML/CFT and Financial Inclusion in SADC Consideration of Anti-Money Laundering and Combating the Financing of Terrorism Legislation in Various Southern African Development Community (SADC) countries South African Country Report Finalised by: Compliance & Risk Resources March 2015 Contents SOUTH AFRICA COUNTRY REPORT .. 3 1. Changes to the Legal and Regulatory Framework Post August 2008 ..4 Table 1: South Africa: Legislation, Regulation Guidelines (Post FATF-ESAAMLG Evaluation) .. 5 2. Current AML/CFT Legislation and Regulation in Force in South Africa .. 7 Table 2: The AML/CFT Regulatory Landscape in South Africa as of June 2014 .. 7 3. South Africa s Approach to Recommendation 10: Customer Due Diligence (CDD) .. 10 When is CDD required in South Africa? .. 10 Identification measures and verification sources .. 11 Table 3: Identification and Verification Requirements for Natural Persons Set Out in the MLTFCR .. 12 Timing of verification of identity.

issued by the FIC.6 To date, 30 PCCs have been issued covering several important issues. Those particularly relevant to the financial inclusion agenda are: (PCC 02) which covers the period for record keeping of matters reported to the Financial Intelligence Centre (2010), (PCC 12) which deals

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  Intelligence, Center, Financial, Ascd, Inclusion, Financial intelligence centre, Aml cft and financial inclusion in sadc

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