South AfricaThe Financial Action Task Force published a mutual evaluation report on the anti-money laundering and counterterrorist financing regime of South Africa, highlighting significant shortcomings in implementing the country’s solid legal framework.
The Financial Intelligence Centre of South Africa published its annual report for 2020-2021, highlighting efforts to fight financial crime in an increasingly digital world.
U.S. lawmakers want AML rules for lawyers and real estate agents, Justice Department plans more corporate prosecutions, and more, in the weekly roundup.
German online bank to boost compliance spending, NAB’s chief admits KYC review on millions of accounts, and more, in the weekly roundup.
The South African Reserve Bank issued a financial penalty against the Johannesburg, South Africa for its failure to comply with the Financial Intelligence Centre Act 38 of 2001, as amended, in particular the anti-money laundering and counterterrorist financing requirements.
The South African Reserve Bank imposed an administrative penalty against the Western Cape, South Africa-based insurance company for violations of the Financial Intelligence Centre Act of 2001 in light of weaknesses in the company’s anti-money laundering controls.
| Technical | Effectiveness |
|---|---|
| Compliant : 3 | High : 0 |
| Largely Compliant : 17 | Substantial : 0 |
| Partially Compliant : 15 | Moderate : 8 |
| Non-Compliant : 5 | Low : 3 |
| Rank : 87/141 |
| Score : 4.83/10 |
| Rank : 70/180 |
| Score : 44/100 |
| Rank : 58/133 |
| Score : 56/100 |