Banks Act, 1990 (Act No. 94 of 1990)

Regulations

Regulations relating to Banks

Chapter III : Corporate Governance

50. Market abuse and financial crime
Purchase cart Previous page Return to chapter overview Next page

 

(1)A bank shall implement and maintain robust structures, policies, processes and procedures to guard against the bank being used for purposes of market abuse such as insider trading and market manipulation, and/or financial crimes such as fraud, financing of terrorist activities and money laundering.

 

(2)As a minimum, the structures, policies, processes and procedures referred to in subregulation (1) and implemented by the bank shall be adequate—
(a)to ensure continued compliance with all relevant legislation;
(b)to facilitate co-operation with relevant law-enforcement agencies;
(c)to identify customers and, in particular, recognise suspicious customers and transactions;
(d)to maintain high ethical standards in all business transactions;
(e)to provide adequate training and guidance to staff;
(f)to maintain internal records of transactions;
(g)to report suspicious customers and transactions;
(h)to provide a clear audit trail.