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,”
Source link : https://www.centralbanking.com/central-banks/payments/7961101/africas-cma-revamps-cross-border-payments-over-aml-fears
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Publish date : 2024-04-09 07:00:00
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