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AML/CFT/CPF Communication 1 of 2023
- 22 December 2023
- Money Laundering
- South African Accounting Academy
The PA will also periodically update the key observations (deficiencies) emanating from such supervision. These communiqués will be published on the South African Reserve Bank’s website under the heading: ‘Prudential Regulation: AML/CFT/CPF’.
The Prudential Authority suggests further action by Accountable Institutions to address the deficiencies.
The Prudential Authority (PA) is the designated supervisory body responsible for ensuring that banks, mutual banks, cooperative banks and life insurers (AIs) comply with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), as amended.
Click here to download the Communication:
Relevance to Auditors, Independent Reviewers & Accountants:
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Certain clients of yours (e.g. banks, mutual banks, cooperative banks and life insurers) must comply with specific laws and regulations, and which you must assess compliance with. Suppose they don’t comply with the relevant laws and regulations. In that case, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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As an auditor and independent reviewer, you also need to monitor your client’s compliance with all relevant notices/communications issued by the SARB as a regulator.
Relevance to Your Clients:
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This SARB communication provides information to, inter alia, banks and life insurers, to bring their attention to common deficiencies identified by the Prudential Authority.
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The client must report to the relevant regulators, as well as to comply with relevant notices/communications published by the SARB as a regulator.