The South African Reserve Bank’s (SARB) Prudential Authority recently released its 2023-24 annual report, which highlights the robust state of financial institutions under its oversight.
Despite the economic challenges faced, the Prudential Authority ensures these institutions maintain their strength and reliability.
The Prudential Authority is committed to addressing the vulnerabilities highlighted by the Financial Action Task Force (FATF). In its prior evaluations, FATF flagged weaknesses related to money laundering and terrorist financing systems in South Africa.
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However, SARB’s Prudential Authority has been diligently working to rectify these issues, aiming to remove South Africa from the FATF greylist.
Fundi Tshazibana, the CEO of the Prudential Authority, emphasized the efforts made to ensure strong governance within financial institutions.
Regular compliance checks are conducted to ensure adherence to regulations, assuring that consumer deposits and policyholders’ funds are safe. This rigorous monitoring is a cornerstone of the Authority’s strategy for maintaining financial stability.
Tshazibana further stated, “We are also responsible for anti-money laundering and countering the financing of terrorism.
“As such, we have been part of the team responsible for remediating the action list given to us by FATF for us to exit the greylist. Our work is on track.” This commitment highlights the proactive stance the Prudential Authority takes in securing the financial framework of South Africa.
