Desiree Reddy (ZA)

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South Africa’s Financial Surveillance Department (FinSurv) has issued a draft framework to license and supervise Alternative Remittance Providers (ARPs) and is seeking public comment by 31 March 2026. The proposal delivers on the 2025 Budget Review and aligns with FATF standards (notably Recommendation 14, which deals with licensing and oversight of money or…

The regulatory exemption that allows banks to provide financial services to financially sophisticated and high-wealth corporate clients—commonly referred to as the “Merchant Banking Exemption”—has been extended once again. FAIS Notice 57 of 2025 now extends this exemption until 27 February 2026.

In addition to the extension for banks, the Exemption Notice also extends specific exemptions…

The recent judgment in Standard Bank of South Africa v South African Reserve Bank and Others (047643/2023) [2025] ZAGPPHC 481 (15 May 2025) highlights the urgent need for legislative reform to address the treatment of cryptocurrencies within South Africa’s exchange control framework.

The case centred on funds held in bank accounts linked to Leo Cash…

The Financial Intelligence Centre has issued a request, in accordance with section 42(4)(a) of the Financial Intelligence Centre Act, 2001, for certain accountable institutions (Legal practitioners; Trust and company service providers, including accountants; Estate agents; Credit providers; SA Postbank; High-value goods dealers; SA Mint Company (RF) (Pty) Ltd and Crypto asset service providers) to submit…

The number of “money mule” scams i.e. where criminals approach bank customers with requests to have funds (often the proceeds of crime) paid into their accounts and often offer them a reward for the use of the account, is unfortunately on the rise. In a press release dated 10 July 2023, the FSCA has warned…

The exemption of Banks in respect of financially sophisticated and high-wealth corporate clients, referred to as the Merchant Banking Exemption (BN 103 of 2004), was extended by FAIS Notice 35 of 2023 until 30 June 2025.

The clients covered under the Exemption include other banks, central banks, insurers (life and non-life insurers), asset managers who…

On 19 October 2022, the FSCA published the final Declaration of a Crypto Asset as a Financial Product (Declaration) under the Financial Advisory and Intermediary Services Act, 2003 (FAIS Act) – see detail here.

Together with a policy document setting out the thinking behind the Declaration, and an overview of…

On 18 April 2023, the Financial Sector Conduct Authority published its first Regulatory Actions Report,  covering the period 1 April 2022 to 31 March 2023. The Report highlights enforcement action taken during the reporting period, with a view to not only deterring unlawful conduct, but also to create awareness of regulatory requirements.

Some of the…