“The rapid expansion of South African banks into the rest of Africa, as they chase growth, may increase risk to the financial sector, according to the International Monetary Fund (IMF).
Other African countries tend to have weak rules for money laundering and combating the financing of terrorism, raising the risk to SA, the IMF said after the completion of an extensive assessment of SA’s financial system earlier this year.
As a member of the Group of 20, SA agrees to this IMF Financial Sector Assessment Programme every five years. The assessment is intended to help countries identify risks to the financial system and implement policies to deal with financial shocks and contagion.”
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