Trade finance products and services as well as correspondent banking are amongst the bank offerings at South African banks at highest risk for money laundering (ML), terrorist financing (TF) and proliferation financing (PF) according to a report by the Prudential Authority of the South African Reserve Bank (SARB).

The report assesses ML, TF and PF risk in the country’s banking sector and responds to deficiencies identified by the Financial Action Task Force (FATF). South Africa has until October to produce a plan to address the deficiencies identified by the global money laundering and terrorist financing watchdog.

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