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 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.
The Foreign Account Tax Compliance Act (FATCA) is a new legal and regulatory tax driven requirement originated from the United States of America. It is designed to prevent United States taxpayers from concealing their assets from the United States Internal Revenue Service (IRS) to avoid paying tax by channelling United States source income through non-United States 'foreign' financial institutions (FFIs) and other entities.
If you suspect theft, fraud or corruption by any of our employees, customers or suppliers, report it immediately to our independent whistleblowing line.