By Bradley Elliott, CEO of Anti-Money Laundering (AML) platform RelyComply
South Africa’s removal from the Financial Action Task Force (FATF) greylist marks a defining moment for the country’s financial sector. It reflects years of collaboration and reform across institutions, regulators, and the Financial Intelligence Centre (FIC), proving that decisive action and accountability can deliver lasting progress.
This delisting is more than a compliance win. It shows that South Africa is building a stronger, more resilient financial system that supports investment, competition, and innovation in fintech. “Without a culture of accountability, institutions risk slipping back into old habits once the spotlight fades,” says Bradley Elliott, CEO of regulatory technology company RelyComply.
Over the past two years, South Africa’s financial ecosystem has undergone one of the most intensive AML reform drives in its history. Key milestones include the General Laws Amendment Act, which tightens ownership transparency; a 22-item FATF Action Plan, addressing enforcement and coordination; and the creation of a digital intelligence unit to support investigations and prosecutions.
By June 2025, FATF confirmed that South Africa had met all action points, recognising stronger intelligence sharing, asset recovery, and global cooperation. “When South Africa acts in unison, meaningful reform follows,” Elliott says. “Adding regulation is easy. Embedding compliance into culture is hard.”
The delisting also brings new economic opportunities. Stronger compliance encourages investor confidence, enables innovation among fintechs, and reduces friction in cross-border transactions. “This is the moment to double down on collaboration, not retreat into silos,” Elliott adds. “Reform isn’t a one-off project — it’s a new way of working.”
To maintain progress ahead of the next FATF Mutual Evaluation in 2026, Elliott says South Africa must prioritise transparency, accountability, and technology adoption. “Automation reduces manual errors and transforms AML from a tick-box exercise into a living, intelligent system,” he explains.
Elliott emphasises that compliance must be seen as a strategic investment that safeguards reputation and builds trust. “Delisting isn’t a graduation; it’s a progress report. Technology doesn’t replace governance — it enables it,” he concludes. “If South Africa sustains this momentum, it will set a new benchmark for financial integrity across emerging markets.”
