News

Insights from SSFF 2024

The forum highlighted the collaborative efforts between BASA and IFC under the auspices of the 30by30 Zero Program. This initiative, funded by the Federal Republic of Germany, aims to bolster climate risk assessment, mitigation, and adaptation practices among financial institutions in South Africa. The primary goal is to promote investments in green and climate-friendly sectors, thereby aiding South Africa in fulfilling its commitments under the Paris Climate Agreement and the National Development Plan.

Welcome Speech: SSFF 2024

In the words of Mariana Mazzucato, " It is time to raise our ambition and move from being reactive to proactive, from filling financing gaps to shaping a just, green future.". My hope is for this forum to embody this proactive spirit.

NFO Appoints Head Ombud

The appointment of the first Head Ombud of the National Financial Ombud Scheme (NFO), Reana Steyn, is significant progress in ongoing efforts to ensure that South Africa’s banking and financial system treats customers fairly.

Corporation for Deposit Insurance

The Corporation for Deposit Insurance (CODI) ensures the safety of bank deposits, strengthens the resilience of the banking system and will increase customer trust and confidence in banks.

Banking on Ethics Keynote

I have been asked to talk about the role of regulation and enforcement in ensuring ethical conduct, and to offer a regulator’s perspective on the importance of ethics in banking.

NFO Head Ombud Appointment

The Ombud Council granted recognition, effective from 1 March 2024 to the National Financial Ombud Scheme (NFO) as an industry ombud scheme under the Financial Sector Regulation Act 2017. This marked a significant change in the landscape of financial ombud schemes. It culminates in the amalgamation of four predecessor industry schemes: The Credit Ombud Association, The Ombudsman for Banking Services, The Ombudsman for Long-term Insurance and The Ombudsman for Short-term Insurance.

SARB Appoints Governor

The re-appointment of Lesetja Kganyago as Governor of the South African Reserve Bank (SARB), for the next five years, will sustain confidence in South Africa, as the country deals with its challenging economic conditions and the political uncertainty that is likely to grow ahead of the general elections.

Wildlife Trafficking Success

The South African Anti-Money Laundering Integrated Task Force’s (SAMLIT's) illegal wildlife trade (IWT) expert working group (EWG) has released its second report on the subject, and what has emerged is more than just a depiction of financial flows and criminal typologies.

Greylisting: Positive Progress In Addressing Technical Compliance Deficiencies In South Africa’s Anti-money Laundering System

National Treasury welcomes the latest Financial Action Task Force (FATF) progress report, which indicates positive progress made by South Africa in addressing technical compliance deficiencies in its anti-money laundering system. The FATF published the follow-up report “South Africa: Follow-up Report on Technical Compliance Re-rating” (South Africa 2nd Follow-Up Report) on 28 November 2023.

Currency Manipulation

The case as presented by the Competition Commission is that 28 international and local banks were referred to the Competition Tribunal because of allegations that some of their currency traders were involved in manipulating rand / dollar foreign exchange rate transactions between 2007 and 2013. As it stands now: