Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)DirectivesDirective for conduct within the national payment system in respect of the Financial Action Task Force Recommendations for electronic funds transfers - Effective 15 August 2022Directive No. 1 of 20225. Compliance declarations and inspections |
| 5.1 | An accountable institution to which this directive applies must submit, to the NPSD, an annual declaration by the Chief Executive Officer or equivalent, together with the Anti-Money Laundering Compliance Officer of an accountable institution, with the assistance of the internal audit function, confirming the level of compliance of the systems and/or products and processes employed by that accountable institution to meet the requirements of this directive. |
| 5.2 | The compliance declaration shall be submitted by no later than 31 March each year, in the format and manner prescribed by the SARB, and sent to the prescribed address. |
| 5.3 | Further, each accountable institution to which this directive applies must permit and assist any person(s) appointed by the SARB to inspect the transactions, products, arrangements and the systems employed in initiating and processing the above-mentioned electronic funds transfers. |