KYC regulation impinging on financial inclusion – Sarb

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Elske Photography

Financial inclusion could be impeded by Know Your Customer regulation, according to a recent report published by the South African Reserve Bank.

“Onerous KYC requirements” are acting as a “barrier” for those financially under-served looking to open a bank account, the report says.

South Africa is mandated to abide by global anti-money laundering and countering terrorist financing standards as implemented by the country’s Financial Intelligence Centre.

Recent amendments to the FIC’s

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