KYC regulation impinging on financial inclusion – Sarb
Fintech firms could help under-served customers through a “digital identity”
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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