Regulatory Alerts2003-01-01
Banks Act Circular 7/2003: Amendment to the Electronic Submission Procedure for DI Returns by Banking Institutions
The South African Reserve Bank mandates that all controlling companies, banks, and foreign bank branches transition to the new SARBDEX architecture for electronically submitting prescribed DI returns in XML format. Reporting institutions must secure internet connectivity, utilize the specified SARBForms schema, obtain SARBDEX credentials by 1 April 2003, and deploy compatible submission software. The mandatory operational date is 1 June 2003, preceded by a testing phase starting 3 April 2003, and institutions must return signed acknowledgements from their chief executive officers and external auditors.
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