Financial Services Regulation
As a responsible financial services provider, we have to ensure that we abide by all the relevant legislation and codes of conduct in South Africa and abroad. Please review the information below to find out more about the legislation and codes that affect the financial industry and how this could affect you.
The Code of Banking Practice ("the Code") is a voluntary code that sets out the minimum standards for service and conduct you can expect from your bank with regard to the services and products it offers, and how we would like to relate to you.
The Promotion of Access to Information Act, 2 of 2000 (PAIA) was passed into law to give effect to the constitutional right of access to information that is held by a private or public body and that is required for the exercise or protection of any rights.
The National Credit Act is consumer credit legislation that promotes a fair and non–discriminatory marketplace for customers to access credit and that balances the rights of consumers and credit providers.
Financial Intelligence Centre Act 38 of 2001 Internationally, governments have agreed to fight organised crime and terrorism by, among others, seizing the proceeds of crime and making money laundering a criminal offence. Since the 1980s many countries have passed laws that demonstrate their commitment to this effort. South Africa has also adopted money laundering laws to help it comply with its international obligations to fight organised crime and terrorism.
The Financial Advisory and Intermediary Services (FAIS) Act regulates the providing of financial services (which may be advice and/or intermediary services on financial products (e.g. deposit, insurance and investment products) to you. The FAIS Act is aimed at protecting you and professionalising the financial services industry
The USA Patriot Act was signed into law by the US Government on 26 October 2001. Under this new law US banks are required to obtain a certificate from their overseas correspondent banks confirming their ownership structure, regulators and physical presence.
The Wolfsberg questionnaire acts as an aid to firms conducting due diligence and should not be relied on exclusively or excessively