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Published in:
2023 | OriginalPaper | Chapter
26. AML/CFT and Cybersecurity Laws in South Africa
Author : Felix I. Lessambo
Published in: Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry
Publisher: Springer Nature Switzerland
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Abstract
In April 2012, the government of SA established the anti-money laundering and counter financing of terrorism (AML/CFT) Division within the Prudential Authority ((PA) previously the Bank Supervision Department) to supervise and enforce compliance with the FIC Act. South Africa well-developed financial infrastructure makes it an attractive target for cyber criminals who use the internet for extortion, fraud, child pornography, human trafficking, and selling illicit goods. There are no specific laws or guidelines for cybersecurity governance of banks in South Africa.