The South African Reserve Bank has imposed an administrative sanction on Ezaga Remit (Pty) Limited, an Authorised Dealer in foreign exchange with limited authority (ADLA), after identifying weaknesses in its control measures that prevented it from providing adequate training to staff. The action relates to the South African Reserve Bank’s responsibilities under the Financial Intelligence Centre Act 38 of 2001 (FIC Act) to ensure that ADLAs have adequate controls to combat money laundering and the financing of terrorism. The sanction imposed was a caution not to repeat the conduct that led to non-compliance with section 43 of the FIC Act.
South African Reserve Bank 2025-11-05
South African Reserve Bank imposes administrative sanction on Ezaga Remit over FIC Act staff training control weaknesses
The South African Reserve Bank has sanctioned Ezaga Remit (Pty) Limited, an Authorised Dealer in foreign exchange with limited authority, for inadequate staff training controls. This action addresses non-compliance with the Financial Intelligence Centre Act 38 of 2001, specifically section 43, concerning anti-money laundering and counter-terrorism financing measures. The sanction is a caution against repeating the conduct.