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.
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.
This notice provides detail of the US dollar equivalent of the level of the South African Reserve Bank’s (SARB) official gold and foreign exchange reserves, Special Drawing Rights (SDRs) and foreign currency deposits received from customers published today in the SARB’s Statement of Assets and Liabilities as at 30 September 2020.
The main purpose of the money market operations conducted by the South African Reserve Bank (SARB) is to implement the interest rate policy as determined by the Monetary Policy Committee (MPC), with the aim of achieving the SARB’s inflation-targeting mandate. In its monetary operations, the SARB endeavours to promote financial stability by managing the liquidity needs of the banking system as a whole. It also contributes to the development and efficiency of the domestic financial markets, in particular the interbank market. The Financial Markets Department (FMD) uses various instruments to conduct the SARB’s monetary operations.