Banks have right to close accounts, says Godongwana

Finance minister Enoch Godongwana is not presently considering amendments to banking laws to prevent what the Zondo commission of inquiry referred to as the arbitrary closure of banking accounts. 

Godongwana replied in writing to a question in parliament that “notwithstanding the conclusions and recommendations of the Zondo commission on any proposed amendments to financial sector legislation to address the perceived arbitrary closure of bank accounts, it is not immediately clear to me, in the absence of further research and analysis, that changes to the country’s banking laws are immediately needed”. ..

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