Foreign banks hire locals to deal with SA’s compliance minefield
Prudential Authority says in annual report that it consistently enhances monitoring of foreign representative offices
09 July 2024 - 05:00
The Prudential Authority (PA), the regulator of SA’s financial services sector, says foreign banks operating in SA often face a compliance minefield, with these banks now increasing their employment of locals who understand the lay of the land.
“The branches of foreign banks have maintained relatively healthy levels of profitability, capital and liquidity, with continued support from their respective head offices,” the regulator said in its latest annual report...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.