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Journal entries to settle debts as misleading regulatory return

Photo of Patrick Bracher (ZA)
By Patrick Bracher (ZA) on December 9, 2024

On 4 December 2024 the Financial Services Tribunal found that a journal entry processing a transaction on the last day of the month and reversed the very next day in order to reflect a loan as terminated in a regulatory return under the Mutual Banks Act of 1993 resulted in a misleading return which the Prudential…

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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