Regulatory Alerts2020-06-17
Joint Communication 7 of 2020: Precautionary Measures for Financial and Payment Institutions
Issued by the Financial Sector Conduct Authority, the Prudential Authority, and the South African Reserve Bank’s National Payment System Department, this directive establishes mandatory precautionary measures for financial and payment institutions to mitigate COVID-19 transmission. It requires institutions to prioritize remote customer interactions and enforce strict safety protocols, including risk assessments, temperature screenings, and personal protective equipment, for any unavoidable in-person or home visits. Additionally, payment institutions must implement health and social distancing measures at physical service points like ATMs and POS terminals, while submitting designated compliance officers and workplace plans to the regulators upon request.