The South Africa Reserve Banks (SARB) Prudential Authority says in its 2023-24 annual report that most of the financial institutions under its supervision remain strong despite numerous economic challenges.
The Prudential Authority says it is on track in addressing the items that the Financial Action Task Force (FATF) flagged when it greylisted South Africa last year.
FATF cited weaknesses in the countrys systems to combat money laundering and the financing of terror.
The Prudential Authority's CEO Fundi Tshazibana says they check on financial institutions regularly to ensure compliance.
Tshazibana says, "We spent the bulk of the year making sure that the governance of financial institutions is strong, that is what gives us comfort that consumers deposits are safe and policy holders funds are safe as well."
