By Matṧeliso Phulane
The Central Bank of Lesotho (CBL) has advised the public that low-value cross border payments within the Common Monetary Area (CMA) have historically been processed through South Africa’s domestic retail payment system.
The treatment of these low-value cross-border payments as if they were South African domestic payments, contravened international standards of Anti-Money Laundering and the Combatting of Financing of Terrorism (AML/CFT).
In a statement released on Friday, the CBL said the regulators were guided by the policy objective of maintaining the integrity, transparency, efficiency and cost-effectiveness of cross-border payments with the CMA.
