The Prudential Authority of the South African Reserve Bank found in a May 2020 report that large banks are regularly targeted by criminals.
The report found that the country’s five largest banks where at highest risk of being used for money laundering and terrorist financing activity in the industry.
The report stated:
“One of the large banks indicated a total of 8,388 clients with unknown citizenship, which poses a high risk within the sector,”
To find out more about the risks banks face read: “Money laundering a high risk threat for South African banks”.