Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter VII: Reporting37. General reporting requirements |
| (1) | A bank, as a minimum identification criterion, must identify a qualifying depositor, signatory, and formal beneficiary account holder in terms of the requirements of the Financial Intelligence Centre Act. |
| (2) | A bank must provide― |
| (a) | the identifying details specified by the Corporation of a qualifying depositor, signatory, or formal beneficiary account holder; and |
| (b) | at least the following contact details for a qualifying depositor, signatory, or formal beneficiary account holder― |
| (i) | either a formal or informal address; and |
| (ii) | one telephone number or an email address. |
(3)
| (a) | Unless expressly otherwise determined by the Corporation, a bank must report balances to the Corporation— |
| (i) | in South African Rand and up to two decimals cents of currency; |
| (ii) | on a gross basis; |
| (iii) | including interest accrued up to the reporting date; and |
| (iv) | excluding outstanding account fees up to the reporting date. |
| (b) | A bank must include account balances as— |
| (i) | a zero qualifying balance when it is a balance owed to the bank; or |
| (ii) | the qualifying depositor’s share in a joint account as the qualifying balance. |
| (c) | A bank must convert a foreign currency balance to South African Rand using close of business market exchange rates at the reporting date. |
| (d) | A bank must— |
| (i) | include an unsettled payment made to the account balance; and |
| (ii) | deduct an unsettled payment made from the account balance. |
| (4) | A bank must use one or more not-ready-for-payout (NRP) indicators where— |
| (a) | 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; |
| (b) | 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; |
| (c) | a qualifying depositor, formal beneficiary account holder, signatory, or an account is subject to restrictive measures imposed by the local authorities or international organisations; |
| (d) | 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; |
| (e) | 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; |
| (f) | a qualifying depositor or a formal beneficiary account holder is deceased; or |
| (g) | other cases determined by the Corporation. |
| (5) | A bank must report on its operations in the Republic only. |