Transformation of the banking sector should not mean any loosening of the tight regulatory framework which has placed South African banks among the most highly ranked in the world, the Banking Association South Africa (Basa) will argue in Parliament today. Basa’s comments, in a submission during public hearings on transformation of the financial services sector (organised by Parliament’s finance and trade and industry committees), will be made in the context of a discourse, in particular by the Black Business Council, that tight banking regulations are standing in the way of transformation. This argument was used in the council’s opposition to the Financial Intelligence Centre Amendment Bill, which aims to tighten the scrutiny of banks over the financial transactions of prominent influential individuals in order to combat money laundering and the financing of terrorism. “Banks are accountable for what they do with depositors’ money. To ensure that they remain true to their responsib...

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