Banks Act, 1990 (Act No. 94 of 1990)RegulationsRegulations relating to banks - 2013Chapter III : Corporate Governance47. Reportable offences |
| (1) | The Registrar may, after consultation with the Minister, by notice in the Gazette, declare a specified activity or event as a reportable offence. |
| (2) | A bank shall report an offence specified in subregulation (3), or specified in the Gazette, as contemplated in subregulation (1), in writing to the Registrar within 30 days after the bank became aware of the said reportable offence. |
| (3) | A reportable offence includes— |
| (a) | a breach of the fiduciary duty of a member of the board of directors, an employee in charge of a risk-management function or an executive officer; |
| (b) | market abuse or financial fraud within the bank that results in or is likely to result in the bank losing an amount in excess of 1 per cent of its qualifying capital and reserve funds, as reported in item 88 of the form BA 700, at the latest date for which the relevant statement was submitted; |
| (c) | any act of a member of the board of directors, an employee in charge of a risk-management function or an executive officer that results in or will probably result in the reputation of the bank being adversely affected; |
| (d) | any act of a member of the board of directors, an employee in charge of a risk-management function or an executive officer that results in or will probably result in the bank contravening the code of conduct or ethical code of any institution of which the bank is a member or with which the bank is associated; |
| (e) | any money-laundering or financing of terrorism activity in which the bank was involved and which was not identified in a timely manner and reported as required by law, including in terms of the relevant requirements contained in the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001), as amended from time to time; |
| (f) | any reportable irregularity as envisaged in section 45 of the Auditing Profession Act, 2005 (Act 26 of 2005), as amended, which irregularity was brought to the attention of the board of directors and/or senior management of the relevant bank. |