News Archive - Page 8 of 35 - The Banking Association South Africa

News

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:

Financial Forensic Analysis Centre

To bolster South Africa’s capacity to investigate and prosecute financial crime, the Banking Association South Africa (BASA) and the South Africa Banking Risk Information Centre (SABRIC) are partnering with the Directorate for Priority Crime Investigation (Hawks), to make a cutting edge digital and financial Forensic Analysis Centre available to the directorate. The centre will provide the Hawks with:

Energy Bounce Back Scheme FAQ

Discover the Energy Bounce-Back Loan Guarantee Scheme, a program administered by the National Treasury, and get the answers to all your questions about this initiative.

Energy Bounce Back Scheme

The National Treasury has launched the Energy Bounce Back Loan Guarantee Scheme (EBB) today, an initiative aimed at alleviating the impact of continuing difficulties resulting from unreliable power supply for small businesses and households.

Energy Loan Guarantee Scheme

In the February 2023 State of the Nation Address, President Cyril Ramaphosa, committed to “adjust the bounce-back loan scheme (BBS) to enable small businesses to invest in solar equipment”. During the 2023 Budget Speech, Minister of Finance, Mr Enoch Godongwana, provided detail on the adjustment of the Bounce-Back Loan Scheme that the “government will guarantee solar-related loans for small and medium enterprises on a 20 percent first-loss basis”.

IFC Partnership to Boost Climate Finance

Under the new agreement, IFC will provide advisory support to strengthen the climate risk assessment, mitigation, and adaptation practices of South Africa’s banks, and help them reduce their exposure to climate change-related risks. The partnership will also promote investment in green, climate-friendly assets, in line with the country’s National Development Plan and its commitments to the Paris Agreement.