The Common Monetary Area (CMA) will undergo a momentous shift from September 9, 2024, as South African banks will no longer process Electronic Funds Transfer (EFT) payments and collections within the region due to regulatory deficits. The move aims to align the region’s financial practices with international antimoney laundering standards, enhance detection of such activities, and empower regulatory authorities. To further safeguard customers, financial institutions will also need to change their approach to handling debit orders, marking another significant adjustment in the region’s financial landscape.
