South Africa's compliance report published by FATF

Overall, South Africa has made progress in addressing most of the technical compliance deficiencies identified in its MER and has been upgraded as follows:

• Recommendation 2 on national cooperation and coordination: re-rated from “partially compliant” to “largely compliant”;
• Recommendation 6 on targeted financial sanctions relating to ML/TF: re-rated from “partially compliant” to “largely compliant”;
• Recommendation 15 on new technologies: re-rated from “partially compliant” to “largely compliant”.

South Africa is now “fully compliant” on 5 recommendations, “largely compliant” on 2, and remains “partially compliant” on 2.

💡 Firms can review this latest FATF report to understand the South Africa’s evolving AML/CFT framework and consider any adjustments needed for compliance programs.