Regulatory Alerts2020-05-07
Joint Communication 2A of 2020: Covid-19 Supervisory Response
The Financial Surveillance Department, National Payment System Department, Prudential Authority, and Financial Sector Conduct Authority issued this guidance to update compliance timeframes for accountable institutions during South Africa’s Covid-19 lockdown. The Authorities require affected institutions to submit written compliance plans with completion dates not exceeding eight months from the start of Level 3 lockdown, due within seven business days after that period concludes. This supervisory response preserves existing enforcement powers while preventing account freezes or closures caused by the temporary suspension of face-to-face due diligence requirements.
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