10/04/24

AFRICA: Africa’s CMA revamps cross-border payments over AML fears

As published on: centralbanking.com, Wednesday 10 April, 2024.

Countries in southern Africa’s Common Monetary Area (CMA) are changing how cross-border payments are processed, after the system triggered concerns over money laundering.

Starting September 2024, low-value cross-border payments in the CMA will be processed by regional infrastructure, said Emmanuel Letete, governor of the Central Bank of Lesotho.

“Low-value cross-border payments within the Common Monetary Area have historically been processed through South Africa’s domestic retail payment system."

 

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Africa AML