Regulatory Alerts2022-02-28
D2/2022 Consistent Application Requirements Across Representative Offices
The Prudential Authority requires chief representative officers and auditors of foreign banking offices in South Africa and South African banks operating abroad to establish and maintain robust, risk-based internal control systems. These offices must submit annual internal control reports by specified deadlines, accompanied by external auditor concurrence statements confirming the controls' adequacy and effectiveness. The directive also mandates prompt written notification of any changes to initial registration information and replaces the previous 2004 circular to standardize reporting obligations.
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