Absa and digital currencies

Policy and Regulations

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Absa and digital currency assets

Absa applies rigorous internal policies to ensure compliance with global AML and CFT regulations and we assume an active leadership role to combat financial crime.

We participate in regular discussions as part of a working group that consists of regulators, cryptocurrency traders and related stakeholders in South Africa to share the opportunities and challenges with regard to digital currencies and other innovative digital and technological developments.

While we recognise that digital currencies will play a much bigger role in financial markets in the future, we carefully consider issues relating to digital currencies as the current absence of an effective legal, regulatory and supervisory regime may lead to elevated levels of risks to both the bank and our customers.

Policy Making Body

Financial Action Task Force

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Our relationship with the World Economic Forum

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Discussing virtual currencies

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