AML/CFT supervisory capacity

South Africa’s significant skills shortage poses a challenge to implementing the human resources aspect of anti-money laundering and combating the financing of terrorism (AML/CFT) supervisory capacity. The national strategy for 2023-26, adopted in November 2022, aims to ensure consistent risk-based supervision across all Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) through resource allocation and efforts. Supervisory capacity targets must be met by May 2024, with remedial actions to be completed by January 2025.

September 15, 2025

FSCA

Government has adopted the following initiatives to enhance the supervisory capacity for AML/CFT: targeted strengthening of skills and expertise; revisions to the regulatory governing framework, focused supervision with more resources in high-risk sectors and entities; enhanced collaboration between government and industry stakeholders; development and integration of digital tools for monitoring and analysing AML/CFT risks; evaluation…

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FIC

The Financial Intelligence Centre Act, 2001 (Act 38 of 2001) empowers the FIC to apply measures designed to identify the proceeds of crime, combat money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction. The FIC functions include: to receive regulatory reports and transaction and other data from accountable institutions and…

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