Regulatory Alerts2022-09-29
D9/2022 MVTS Directive to Banks
The Prudential Authority issued Directive D9/2022 to require all South African banks, controlling companies, and foreign branches to register existing and future domestic money or value transfer service (MVTS) agency arrangements with the regulator. The directive mandates that these institutions maintain an up-to-date schedule of MVTS agents and submit bi-annual compliance returns detailing agent information, risk management measures, and anti-money laundering obligations. Implemented from 1 October 2022, the directive aligns domestic MVTS operations with Financial Action Task Force Recommendation 14 by ensuring robust monitoring, registration, and AML/CFT oversight of third-party agents.
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