Regulatory Alerts2020-06-17
Joint Communication 7 of 2020: Precautionary Measures for Financial and Payment Institutions to Limit COVID-19 Spread
The Financial Sector Conduct Authority, Prudential Authority, and South African Reserve Bank’s National Payment System Department issued Joint Communication 7 of 2020 to mandate precautionary measures for financial and payment institutions amid the COVID-19 pandemic. The directive requires these entities to prioritize remote customer interactions, enforce strict safety protocols for unavoidable face-to-face meetings and home visits, and implement contactless payment options while maintaining safe working environments. Institutions must designate a COVID-19 compliance officer, submit workplace plans upon request, and continuously assess risks to implement stricter requirements as national alert levels adjust.
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