Reserve Bank restricts three foreign-exchange dealers
The Reserve Bank has imposed administrative sanctions on Tower Bureau de Change, Sikhona Forex and Travelex Africa Foreign Exchange
The SA Reserve Bank has imposed administrative sanctions on three foreign-exchange dealers based on weaknesses in their control measures to detect financial crimes. Tower Bureau de Change, Sikhona Forex and Travelex Africa Foreign Exchange are authorised dealers in foreign exchange with limited authority (ADLA), which are regulated by the Reserve Bank. They are authorised to deal only in certain foreign-exchange transactions, including travel-related transactions. The Bank has a mandate to ensure that these exchanges have adequate controls in place to combat acts of money laundering and the financing of terrorism. “It should be noted that the administrative sanctions were imposed because of certain weaknesses that were detected in their control measures which inhibited the ADLAs from proactively detecting financial crime and not because they were found to have facilitated transactions involving money laundering or the financing of terrorism,” the Bank said in a statement on Tuesday....
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