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Prudential Authority
 
 
     
 

AML/CFT 

The Financial Intelligence Centre Act 38 of 2001, as amended (FIC Act) mandates the Prudential Authority (PA) to supervise and conduct inspections at all licensed banks and long-term insurance entities (supervised institutions).  To assist the PA in carrying out its mandate, an Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Division was established specifically to enforce compliance with the FIC Act.  
 
The PA assesses and enforces the adequacy and effectiveness of the procedures and measures implemented by supervised institutions to combat money laundering and terrorist financing. The AML/CFT Division is responsible for planning and executing on-site inspections, including all off-site related work such as inspection reports, responses to enquires from supervised institutions and participation in local and international AML/CFT initiatives.   
 
The PA will continue with the AML/CFT oversight role over banks, which was initially performed by the Bank Supervision Department (BSD) of the South African Reserve Bank (SARB) since April 2012. The PA’s obligation to supervise insurance entities for compliance with the FIC Act was brought about in 2018 when the provisions of the Financial Sector Regulations Act 9 of 2017 became effective.
 
 
 
     
 
 
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