Exchange4free have been appointed as an Authorised Dealer in foreign exchange with limited authority in South Africa to operate as an independent Money Transfer Operator by the South African Reserve Bank. This licence is issued under the new Category 3 Money Transfer Operator license allowing ‘Person to Person’ remittances out of South Africa independently of
The South African Reserve Bank (SARB) conducted AML/CFT (Anti-money laundering and combating the financing of terrorism) inspections at Absa Bank Limited (Absa), FirstRand Bank Limited (FirstRand), Nedbank Limited (Nedbank), and The Standard Bank of South Africa Limited (Standard Bank). In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the SARB is
The South African Reserve Bank has taken a closer look at whether South Africa’s have the right administration controls in place to effectively fight money laundering and combat the financing of terrorism. These controls are laid down in the Financial Intelligence Centre Act, No. 38 of 2001, better known as FICA. While a number of
Following concerns raised in the Competition Commission Bank Enquiry Report regarding interchange fees, the South African Reserve Bank initiated the Interchange Determination Project in 2011 to review interchange rates applied in all relevant payment streams. Two payment streams were selected for the initial phase of the project, namely ATM and all card-related streams. The card
