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Money laundering and terror financing risk management of low risk financial products and services in South Africa

de Koker, Louis 2008, Money laundering and terror financing risk management of low risk financial products and services in South Africa, The Centre for Financial Regulation and Inclusion (CENFRI) & FinMark Trust, Cape Town, Johannesburg.

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Title Money laundering and terror financing risk management of low risk financial products and services in South Africa
Author(s) de Koker, LouisORCID iD for de Koker, Louis orcid.org/0000-0003-0120-6150
Publication date 2008
Total pages 34
Publisher The Centre for Financial Regulation and Inclusion (CENFRI) & FinMark Trust
Place of Publication Cape Town, Johannesburg
Summary When the South African anti-money laundering regulations were drafted in 2002, the Minister of Finance made an exemption to protect so-called mass market banking services products for the poor against negative compliance impact by the new system. This exemption, known as Exemption 17, relaxes the requirement to identify and verify a client’s residential address. Exemption 17 was amended in 2004 to facilitate the launch of a basic bank account, the Mzansi account. This account has proved to be hugely popular. According to the FinScope 2007 survey 10% of South African adults claimed to hold a Mzansi account.
Language eng
Field of Research 180119 Law and Society
Socio Economic Objective 940403 Criminal Justice
HERDC Research category A5.1 Minor research monograph
Copyright notice ©2008, CENFRI
Persistent URL http://hdl.handle.net/10536/DRO/DU:30075979

Document type: Book
Collection: Law
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