Habib curatorship unrelated to overseas banking crisis, says Sarb
Habib Overseas Bank has failed to comply with financial sector regulations, including strict exchange control rules, it says.
South African Reserve Bank
Reserve Bank launches new cashless payments platform
Comparison of fees shows that PayShap is not necessarily the cheapest way to transfer money.
Sarb has been planning for a possible total grid failure since 2015
‘An orderly’ closing and reopening of markets may be required.
FSCA, Reserve Bank say they will step up their anti-money laundering efforts
Accountable institutions are expected to fulfil their compliance obligations
What’s ‘new’ in the PA’s directive relating to Fica and life insurance beneficiaries?
Three things to note when it comes to customer due diligence and assessing money laundering and terrorist financing risk.
Two pots will add complexity to the tax treatment of retirement benefit withdrawals
Withdrawals from the savings and retirement pots will be taxed in different ways.
Changes to SA Reserve Bank’s mandate back on the table
ANC resolves the central bank should support the economy through providing solutions to unemployment.
Did grey-listing threat hasten Sarb to act against Markus Jooste?
The South African Reserve Bank (Sarb) this week moved to attach more than R1.4 billion in assets linked to former Steinhoff chief executive Markus Jooste, five years after it told Parliament it was […]
ESG disclosure framework in the pipeline for financial services companies
The SA Reserve Bank will shortly issue a draft sketching an ESG disclosure framework for the financial services organisations that it supervises.
Brace for another 75-basis point repo rate hike this week
Most economists who participated in a poll by Reuters expect that the South African Reserve Bank (Sarb) will raise the repo rate by 75 basis points this week. Of the 20 economists polled […]
PA proposes additional due diligence for life insurance beneficiaries
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
Sarb wants answers from Ramaphosa’s lawyers by 8 September
The South African Reserve Bank (Sarb) has asked legal advisers to President Cyril Ramaphosa to respond by September 8 to requests for further information as it probes the theft of foreign currency from […]
OECD calls for VAT hike to help fund permanent grant
South Africa should make the R350-a-month Social Relief of Distress (SRD) grant permanent, increase the rate of value-added tax from 15% to 17%, and reform the “distortive” personal income tax system, the Organisation […]
FAIS Ombud answers our questions about Sharemax determinations
The FAIS Ombud, Advocate Nonku Tshombe, says it is impossible to blame the collapse of the Sharemax property syndications on the intervention of the South African Reserve Bank (Sarb) unless “pertinent questions” about […]
EFF’s Shivambu rebukes Kganyago for ‘no comment’ on whether foreign currency regulations were violated
EFF MP Floyd Shivambu lambasted South African Reserve Bank (Sarb) Governor Lesetja Kganyago for not responding to a letter asking the central bank to confirm or deny whether President Cyril Ramaphosa had disclosed […]
Nedbank: Fica non-compliance was due to delays in promulgating amendments
Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]
Limit 2023 contribution increases to 5.7%, says Council for Medical Schemes
The Council for Medical Schemes (CMS) has recommended that contribution increases for 2023 should be limited to 5.7%, in line with the South African Reserve Bank’s projected average inflation rate for next year. […]
