This media statement serves as a joint update by the SARB and the liquidator, to depositors and creditors regarding developments on the payment of qualifying retail depositors, other depositors, creditors and suppliers.
International Reserves Template – August 2020
Nestlife Assurance Corporation (RF) Limited (Nestlife) was registered as a life insurer in terms of the Long-term Insurance Act 52 of 1998, on 19 October 2004, until its license was subsequently converted to an insurance licence, issued in terms of the Insurance Act 18 of 2017 (Insurance Act) on 30 June 2020. Nestlife was licenced to conduct life insurance business in respect of the risk, credit life and funeral classes of business, as outlined in the Insurance Act.
Composite Business Cycle Indicators
The money laundering (ML) and terrorist financing (TF) banking sector risk assessment (SRA) was compiled by the PA to assist it in the furtherance of its understanding of ML and TF risk within the banking sector in South Africa. This SRA thus reflects the ML/TF risks identified within the banking sector during 2018 and 2019.
The SARB mandate: