Regulatory Alerts2022-08-12
Banks Criminal Background Check Directive for Directors and Executive Officers
The Prudential Authority mandates South African banks to submit Criminal Background Check Reports (CBCRs) for current, interim, and prospective directors and executive officers alongside form BA 020 to verify fit-and-proper status. Effective from September 2022, these reports must be submitted within six months for existing personnel and accompany all new appointments, with validity periods set at thirty days for South African nationals and sixty days for foreign nationals. Individuals unable or unwilling to undergo a criminal background check face disqualification, while banks must periodically re-screen key personnel and ensure CBCRs from recognized service providers include unique reference numbers.
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