HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
#SouthAfricanReserveBank
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
Are South Africans ready for the digital payment revolution?
The South African Reserve Bank’s inaugural Payments Study Report provides extensive insights into how the public perceives and uses various payment methods and instruments.
How Ithala’s licence suspension may affect clients and operations
While Ithala remains operational for existing clients, the search for a new sponsor and regulatory hurdles pose significant challenges.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
Sasfin fined R160m for ‘non-compliance’ by discontinued forex business
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
How the two-pot system may impact household income and inflation
Economists assess the possible impact of the reforms on household consumption, real fixed investment, inflation, government debt, and GDP growth.
Is Jooste’s frozen estate next on the SARB’s radar?
The South African Reserve Bank has seized more than R6 billion from various Ibex Investments accounts, previously Steinhoff.
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
Economists forecast a repo rate cut in November
The annual inflation rate remained unchanged at 5.2% in May, but it is still some way from the Reserve Bank’s target of 4.5%.
Here’s how much SA institutions’ offshore allocations have grown
The SA Reserve Bank is concerned about the liquidity of the country’s financial markets and institutional investors’ exposure to government bonds.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Glimmer of hope for when the SARB will start cutting the repo rate?
Governor Lesetja Kganyago says the central bank will remain committed to reining in inflation if a new government spends more and the deficit increases.
What the SARB is waiting for before it starts cutting the repo rate
Headline inflation softened to 5.2% in April, but the upside risks remain, particularly from food prices.
South Africa has seen net positive FDI since 2018
SA received foreign direct investment inflows of nearly R100bn in 2023 as non-residents maintained a ‘moderately positive’ view of the country’s business ecosystem.
SARB hopes new deposit insurance scheme will result in banks paying higher interest rates
Bank Zero’s chief executive agrees that the Corporation for Deposit Insurance has the potential to boost the competitiveness of the new digital banks.
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
