Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter III: Application of Fund when reimbursing covered deposits in accordance with Section 166AA(1)(b) of Act10. Right of Corporation to defer reimbursement of covered deposits |
| (1) | The Corporation may extend the period for reimbursement specified under regulation 6(2)— |
| (a) | when a bank, in the information submitted to the Corporation in accordance with these regulations, indicates that— |
| (i) | a qualifying depositor, formal beneficiary account holder, or signatory has not been reliably identified in accordance with the requirements of the Financial Intelligence Centre Act; |
| (ii) | the legal right of a qualifying depositor or signatory to receive a reimbursement is not established, or a covered deposit is the subject of a legal dispute; |
| (iii) | a qualifying depositor, formal beneficiary account holder, signatory, or an account is subject to restrictive measures imposed by the local authorities or international organisations; |
| (iv) | a qualifying depositor, formal beneficiary account holder, or signatory has been charged with an offence arising out of or in relation to money laundering as defined in the Financial Intelligence Centre Act or any other financial crime; |
| (v) | an account is pledged for any purpose at the bank, for the same or a different person, or at another bank for the same or different person; or |
| (vi) | a qualifying depositor or a formal beneficiary account holder is deceased; |
| (b) | in other reasonable circumstances determined by the Corporation. |
| (2) | The Corporation must reimburse a qualifying depositor for a deferred covered deposit within 20 calendar days after the reason for the deferral has been resolved and the Corporation has been duly notified. |