South Africa: Announced guidelines for safe and secure crypto-asset management in Supervisory guidelines for banks on money laundering, terrorist financing or other unlawful activity

On 15 August 2022, the South African Reserve Bank issued a guideline on risk management, illegal financing (e.g. terrorism), and anti-money laundering standards for banks and other institutions handling crypto-assets. The guideline states that, instead of completely banning entities that handle crypto-assets, banks should decide on a case-by-case basis whether the organizations they do business with are safely handling and trading crypto-assets. The guideline aims to help banks assess the risks associated with crypto-assets and organizations managing them.