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Home→Tags Media Releases
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Tag Archives: Media Releases

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

You Need Posted on 26/11/2020 by vrapto26/11/2020
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).

​

Attachments:
Consumer alert on instant EFT online payments.pdf

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

Posted in South African News, South African Reserve bank | Tagged Media Releases

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

You Need Posted on 24/11/2020 by vrapto24/11/2020
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.

​

Attachments:
Media statement – Capital flow management framework update.pdf

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

Posted in South African News, South African Reserve bank | Tagged Media Releases

Cheques will no longer be used in the national payment syste

You Need Posted on 18/11/2020 by vrapto18/11/2020
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.​

Attachments:
Discontinuation of cheques in the national payment system.pdf

Link full article: Cheques will no longer be used in the national payment syste

Posted in South African News, South African Reserve bank | Tagged Media Releases

Banking and insurance sector risk assessments executive summary

You Need Posted on 05/11/2020 by vrapto05/11/2020
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. ​

Attachments:
Banking and insurance sector risk assessments statement.pdf
Banking Sector Assessment Executive summary.pdf
Insurance Sector Assessment Executive summary.pdf

Link full article: Banking and insurance sector risk assessments executive summary

Posted in South African News, South African Reserve bank | Tagged Media Releases

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

You Need Posted on 29/10/2020 by vrapto29/10/2020
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.

​

Attachments:
VBS Mutual Bank. in liquidation. Update to depositors and creditors.pdf

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

Posted in South African News, South African Reserve bank | Tagged Media Releases

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

You Need Posted on 23/10/2020 by vrapto23/10/2020
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.  

​

Attachments:
Nestlife Assurance Corporation (RF) Limited provisional curatorship.pdf

Link full article: Order granted for the provisional curatorship of Nestlife Assurance Corporation (RF) Limited

Posted in South African News, South African Reserve bank | Tagged Media Releases

Banking sector money laundering and terrorism financing risk assessment

You Need Posted on 14/10/2020 by vrapto14/10/2020
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. ​

Attachments:
Annexure B- Life Insurance sector money laundering and terrorist financing Executive Summary.pdf
Banking Sector Assessment Executive Summary.pdf

Link full article: Banking sector money laundering and terrorism financing risk assessment

Posted in South African News, South African Reserve bank | Tagged Media Releases

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

You Need Posted on 05/10/2020 by vrapto05/10/2020
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.

 

​

Attachments:
Discussion paper on systemically important insurers within the South African context.pdf
Press release note – SIFI methodology for insurers 05 October 2020.pdf

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

Posted in South African News, South African Reserve bank | Tagged Media Releases

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

You Need Posted on 02/10/2020 by vrapto02/10/2020
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. ​

Attachments:
SARB resuming services of purchasing gold coins from the public.pdf

Link full article: Changes to the South African Reserve Bank process of purchasing gold coins from the public

Posted in South African News, South African Reserve bank | Tagged Media Releases

Prudential Authority to appeal judgement

You Need Posted on 12/08/2020 by vrapto12/08/2020
Publish Date: 2020-08-12
Category: Media Releases

​….

Attachments:
Media Statement_Prudential Authority to appeal judgement.pdf

Link full article: Prudential Authority to appeal judgement

Posted in South African News, South African Reserve bank | Tagged Media Releases

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