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AML: What to expect in 2026
- 02 February 2026
- Miscellaneous
- South African Accounting Academy
Summary:
Werksmans has published an informative article titled Regulatory snapshot: Financial Service and AML (Anti-Money Laundering).
Article:
This article discusses the main regulatory and legal developments in 2025 that impacted the financial services sector and South Africa’s anti-money-laundering regime, as well as what we can expect in 2026.
What happened in 2025:
- South Africa was removed from the FATF’s grey list
- Increased focus on Beneficial Ownership
- Crypto Asset Service Providers (CASPs) “Travel Rule”
What to expect in 2026:
- Finalisation of the Conduct of Financial Institutions (COFI) Bill
- FSCA investigates the use of AI
- Embedding the “Twin Peaks” model
- Consolidation and strengthening of AML laws
Click here to access the article:
https://werksmans.com/regulatory-snapshot-financial-services-and-aml/
Relevance to Auditors, Independent Reviewers & Accountants:
- The Financial Intelligence Centre Act (FICA) is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, 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.
- As an auditor and independent reviewer, you need to consider amendments to legislation that are gazetted relating to FIC – specifically Money Laundering and Terrorism Financing Control legislation.
Relevance to Your clients:
- Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable.
- Relevant entities should be aware of amendments to legislation that are gazetted relating to FIC – specifically Money Laundering and Terrorism Financing Control legislation.
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