Africa

South African Reserve Bank imposes administrative sanctions on Authorised Dealer in foreign exchange with limited authority

Published

on

South African Reserve Bank imposes administrative sanctions on Authorised Dealer in foreign exchange with limited authority

The South African Reserve Bank (SARB) has imposed administrative sanctions on Master Currency (Pty) Limited , an Authorised Dealer in foreign exchange with limited authority (ADLA).

Authorised Dealers in foreign exchange (commercial banks) and ADLAs are persons authorised by the SARB to deal in foreign exchange transactions and are regulated accordingly. ADLAs include bureaux de change and are authorised to deal only in certain limited, designated foreign exchange transactions, including travel-related transactions.

The Financial Intelligence Centre Act 38 of 2001 (FIC Act) mandates the SARB to ensure that ADLAs have adequate controls in place to combat acts of money laundering and the financing of terrorism. Flowing from these responsibilities, the SARB inspects ADLAs to assess whether they  have  appropriate measures in place,as required by the FIC Act.

The administrative sanctions were imposed after the SARB conducted inspections at Master Currency (Pty) Limited, in terms of the FIC Act. The inspections found weaknesses in the control measures the ADLA, Master Currency (Pty) Limited, had in place to control anti-money laundering and combating the financing of terrorism.

It should be noted that the administrative sanctions were imposed because of certain weaknesses that were detected in the ADLA’s control measures which inhibited the ADLA from proactively detecting financial crime, and not because it was found to have facilitated transactions involving money laundering or the financing of terrorism.

The administrative sanctions imposed are as follows:

  • a financial penalty of R100 000 in terms of section 45C(3)(e) of the FIC Act, for failing to provide ongoing training to employees to comply with the provisions of such Act in terms of section 43 thereof; and
  •  a directive in terms of section 45C(3)(c) of the FIC Act, to provide the requisite refresher training at all branches, and to submit confirmation and evidence that such training has been conducted and will continue to be conducted on an annual basis.

Short Link: https://wp.me/pcj2iU-3AnI

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Qatar Airways will operate double daily flights to Lagos AMCOW launches African Sanitation Policy Guidelines Character Assassination: Seven Action Points Required Mastercard Foundation Appoints Robin Washington to Board of Directors The cloud as a tool to create certainty Role of media in achieving migration goals crucial – IOM BitDAO will save 230 million dollars to launch two major DAOs in the world Thales appoints Gregory Ligny vice president for Africa Flood: Okowa appeals to Warri/Effurun residents for patience Row over plans for new royal yacht in Britain European shares set to follow Wall Street higher on Tuesday Troops arrest suspected bandit in possession of military kits – Army Ogun Govt. identifies data as tool for proper health planning Philippine leader threatens jail for those who refuse vaccine jabs Re-appointment of Guterres, a vote of confidence – UN deputy chief Brazil: Officer convicted for crimes under military dictatorship Philippines’ Duterte lashes out at ICC over drug war probe Almost 11,000 migrants waiting for visas to join family in Germany Grave violations against children in conflict remain ‘alarmingly high’- UN Insurgency: Zulum urges resumption of Naval operations in Baga NYSC organises free medical outreach for Lagos residents NYSC medical outreach benefits 2m Nigerians — DG Chadian activist seeks Nigeria’s support to restore peace in his country Osinbajo rallies youths on active engagement in politics LASG gives 3-day ultimatum to property owners encroaching on canals Patricide: We’ll rely on advice from DPP – Police We are supporting states to intensify cholera outbreak response – NCDC By Abujah Racheal Widow of slain Oyo journalist wants killers brought to justice Buhari appoints Ekpungu EFCC Secretary, names board members Gunmen kill ATM customer in Ibadan Makinde inaugurates Oyo Security Network board, Amotekun corps Nigerian army dismisses video of soldiers mutilating suspect Anambra 2021: PDP NWC meets stakeholders, sues for unity FG pays N10b to 1m beneficiaries every 2 months -Coordinator COVID-19: Union urges Nigerians in S/Africa to obey new lockdown rules COVID-19: World Bank, AU partner to support vaccination for 400m Africans President Buhari reassures commitment to tackle insecurity Verification: customs threatens to detain defaulting airplanes Niger to support special squad to rescue Islamiyyah children Association hails FG’s agric intervention programmes $430m Enugu-Cameroon highway to be completed before 2021 end – AfDB U.S. ready to meet N. Korean officials ‘anywhere, anytime’ – Envoy Rural Entrepreneurship: Agency empowers 200 women, youths in FCT Alleged sexual assault: Baba Ijesha to be arraigned on June 24 Yoga practice best under supervision to prevent complications – Physician My faith in young generation unshakable — Aisha Buhari Court remands man for allegedly beating woman to death NYSC offers free medical services to 2 million rural dwellers 46th Birthday reflections by Gov. Yahaya Bello of Kogi State – Full Speech Iranian nuclear power plant shut for technical reasons