In particular, it would benefit our financial institutions dealing with less sophisticated customers to apply simplified customer due diligence that takes into account the existing circumstances without necessarily compromising the “Know Your Customer” obligations as required under the Financial Action Task Force (FATF) recommendations.
An address by Lesetja Kganyago, Governor of the South African Reserve Bank (SARB), at the Ninety-eighth annual Ordinary General Meeting of the SARB shareholders South African Reserve Bank, Pretoria 27 July 2018  This past year was, to some extent, one of contrasting halves. The second half of 2017 saw a generally constructive global backdrop for South Africa and other emerging markets.