Tag Archives: Media Releases

Risks associated with the use of instant electronic funds transfer (EFT) online payment services offered at e commerce stores

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Publish Date: 2020-11-26
Category: Media Releases

The South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA), in consultation with the Payments Association of South Africa (PASA), would like to issue a warning to consumers to be aware of the risks associated with the use of instant electronic funds transfer (EFT) online payment services offered at e‑commerce stores (i.e. stores which facilitate the purchase and sale of goods and/or services via the Internet).

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Capital flow management framework update: Clarification of reclassification of inward listed instruments

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Publish Date: 2020-11-24
Category: Media Releases

National Treasury, the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA) intend to review Exchange Control Circular 15/2020 issued by the SARB, following the announcement by the Minister of Finance in the Medium Term Budget Policy Statement (MTBPS) Speech on 28 October 2020.

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Cheques will no longer be used in the national payment syste

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Publish Date: 2020-11-17
Category: Media Releases

The South African Reserve Bank (SARB), Financial Sector Conduct Authority (FSCA), Payments Association of South Africa (PASA) and the Banking Association South Africa (BASA) are jointly communicating to the public that the issuing and the acceptance/collection of cheques will cease, effective from 31 December 2020.​

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Banking and insurance sector risk assessments executive summary

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Publish Date: 2020-11-05
Category: Media Releases

In 2018, the Prudential Authority (PA) embarked on a process to complete its first money laundering and financing of terrorism (ML/FT) risk assessment work, in respect of the banking and life insurance sectors. ​

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VBS Mutual Bank (in liquidation): Update to depositors and creditors

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Publish Date: 2020-10-29
Category: Media Releases

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.

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Order granted for the provisional curatorship of Nestlife Assurance Corporation (RF) Limited

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Publish Date: 2020-10-23
Category: Media Releases

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.  

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Banking sector money laundering and terrorism financing risk assessment

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Publish Date: 2020-10-14
Category: Media Releases

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. ​

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Discussion paper: A methodology to determine which insurers are systemically important within the South African context

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Publish Date: 2020-10-05
Category: Media Releases

In terms of section 29 of the Financial Sector Regulation Act 9 of 2017 (FSR Act), the Governor of the South African Reserve Bank (SARB) may, by written notice to a financial institution, designate the institution as a systemically important financial institution (SIFI).

The FSR Act prescribes the formal process that must be followed prior to such a designation, and the development and publication of the discussion document titled ‘A methodology to determine which insurers are systemically important within the South African context’ is an initial step towards meeting these requirements.

 

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Changes to the South African Reserve Bank process of purchasing gold coins from the public

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Publish Date: 2020-10-02
Category: Media Releases

Since the lowering of the lockdown levels and the resumption of most activities, the SARB will also resume the service of purchasing gold coins from the public. This will be done at the SARB Head Office, as of Wednesday, 7 October 2020, under strict conditions that comply with social distancing and other safety guidelines. ​

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