The banking sector has therefore begun a concerted campaign to comply with the FIC Act and to fulfill the sector’s obligations in terms of local legislation and international guidelines. In May 2002, South Africa applied for membership of the Financial Action Task Force (FATF), an intergovernmental body that develops and promotes policies, nationally and internationally, to combat money laundering.
In this connection, the BSP entered into a Memorandum of Agreement with HUDCC last month to set the standards and criteria for the accreditation of banks that can go into housing microfinance.