Regulatory Alerts2006-01-13
South African Reserve Bank Banks Act Circular 6/2006 on Cell-Phone Banking
The South African Reserve Bank issued Circular 6/2006 to provide guidance on cell-phone banking products operating under Financial Intelligence Centre Act exemption 17. The regulator mandates strict non face-to-face identity verification using third-party databases and imposes a daily transaction limit of R1,000 for such accounts. Banks are required to implement controls against multiple account openings, apply enhanced transaction scrutiny, and notify the Registrar at least six weeks prior to launching these services.
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