Regulatory Alerts2004-01-01
Banks Act Circular 3/2004: Amendments to Requirements for Representative Offices
The Registrar of Banks issued Banks Act Circular 3/2004 to mandate annual reporting by Chief Representative Officers of the adequacy and effectiveness of internal controls for representative offices of foreign and South African banks. The circular requires these officers or their head office international divisions to submit internal control and external auditor reports by January 31 each year, alongside immediate ad hoc notifications of any control breakdowns. Additionally, it imposes strict timelines for notifying the Registrar of changes to previously submitted information, requiring written notice within seven days for foreign bank offices and immediately for South African banks operating abroad.
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