TERRORIST FINANCING: PREVENTION GUIDELINES ISSUED FOR BANKS

TERRORIST FINANCING: PREVENTION GUIDELINES ISSUED FOR BANKS

• 12 December 2023
• Financial Sector
• SA Legal Academy

The Prudential Authority has issued guidelines for banks and their controlling companies intended to assist them in ensuring that they have adequate controls in place to avoid being used unwittingly for terrorist financing. The guidelines also apply to the auditors of banks and their controlling companies, as well as other ‘eligible institutions’.

They are underpinned by international Financial Action Task Force recommendations on:

• targeted financial sanctions
• originator and beneficiary information on wire transfers and related messages
• group-wide anti-money laundering and curbing terrorist financing programmes
• enhanced due diligence measures
• the suspected proceeds of criminal activity, and
• risk assessment and internal control systems.

Obligations and responsibilities in terms of the relevant legislation are also unpacked.

• guidelines

Published by SA Legal Academy Policy Watch

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