Local banks in South Africa decide to terminate relationships with crypto entities that offer automated cryptocurrency arbitrage services due to financial institutions:s compliance and regulations. The South African primary banking industry regulator, the Prudential Authority, discloses that terminating relationships with crypto entities may threaten the financial integrity of both persons “s and entities.
The CEO of Prudential Authority sent a guidance note to financial institutions and independent auditors to perform the relevant risk assessment for each crypto asset or its service providers, which will enable banks to determine the appropriate level of money laundering, terrorist financing, proliferation financing as opposed to total avoidance, but terminating services should only be made after the risk posed by a particular business or customer is too significant to manage successfully.
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