Legal Articles and Guides
SARS welcomes Sasfin damages claim judgment
The SARS has welcomed a High Court judgment about its R5.3bn damages claim against Sasfin Bank, saying the ruling marks ‘significant progress’ in holding financial institutions accountable for facilitating illicit financial flows.
SARB takes 25% stake in PayInc
The SARB has concluded a deal to acquire half of PayInc, the company responsible for clearing payments between the country’s largest banks, Business Day reports.
Nedbank rebuked for violating imitation clause
Allan Gray has narrowly won the battle against Nedbank in a fight over whether the latter copied its advertisements. The investment manager is unhappy about Nedbank’s ‘Bank Your Time’ advertising campaign, which aims to show that its digital banking solutions can help save time for their clients.
Riches to rags for online trader
Trading platform AfriMarkets has had its licence provisionally withdrawn and bank accounts and assets frozen due to concerns that its aggressive sales tactics and possible association with deepfake advertisements posed a risk of harm to clients and the public.
South Africa's SWIFT access not at risk
National Treasury has said it sees very little risk of SA banks losing access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the messaging network over which international payments are made, according to News24.
SARS flags crippling illicit trade
The SA economy loses billions of rands to tax evasion and illicit financial flows annually, but the SARS continues to wage its battle against tax fraud.
Call for law to stop bank account closures
THE #RacistBanksMustFall movement in SA has called for legislative intervention in the wake of a US executive order designed to prevent banks from closing accounts based on political or religious beliefs, reports The Star.
Regulator targets surge in online scams
SA’s financial-markets regulator is ramping up its operations to combat a surge in online scams, reports Moneyweb.
Almost R730m recovered from looted VBS
Nearly R730m has now been clawed back from the wreckage of VBS Mutual Bank, the SARB’s Prudential Authority (PA) said in its latest annual report, according to TimesLIVE.
SARB pushes for new payments regime
The SARB is pushing for an overhaul of the country’s payments regime with non-banks set to enter the clearing and settlement system in a move that will see the hegemony of the traditional banks further challenged by fintechs.
Green light for HSBC transfers to FirstRand
FirstRand has received regulatory approval for the transfer of clients, banking assets and liabilities and employees of HSBC’s branch in SA.
Reserve Bank appeals cryptocurrency ruling
The SARB yesterday filed an appeal against a Gauteng High Court (Pretoria) ruling that cryptocurrencies are not subject to SA exchange control regulations.
Woman loses unique battle against bank
Gail Roux has been sued by First Rand Bank – demanding repayment of money it claimed to have lent her because she ‘does not do affidavits’ and does not acknowledge the authority of courts.
Ithala Bank seeks access to R863m in frozen funds
Ithala Bank yesterday brought an urgent application before KZN High Court (Pietermaritzburg) Judge Muzi Ncube in a bid to access frozen funds to pay staff salaries after the SARB’s Prudential Authority (PA) suspended all activities on the bank’s accounts in January.
Only two employers convicted for pension non-payment
In more than five years, only two employers have been found guilty of not paying the pension fund contributions of their workers.
