The South African Reserve Bank has imposed administrative sanctions on Access Forex (Pty) Limited, an Authorised Dealer in foreign exchange with limited authority (ADLA), following findings of weaknesses in its anti-money laundering and counter-terrorist financing control measures and related non-compliance with the Financial Intelligence Centre Act 38 of 2001 (FIC Act). The sanctions follow the Reserve Bank’s inspections of ADLAs to assess whether required measures under the FIC Act are in place. The identified shortcomings included failures to reflect important FIC Act provisions in the firm’s Risk Management and Compliance Programme, to verify and identify some customers, and to provide adequate staff training. Penalties imposed total ZAR 162,500, comprising ZAR 100,000 for non-compliance with section 42(1), ZAR 37,500 for non-compliance with section 20, and ZAR 25,000 for non-compliance with section 43 of the FIC Act.
South African Reserve Bank 2025-10-17
South African Reserve Bank fines Access Forex ZAR 162,500 for Financial Intelligence Centre Act compliance failures
The South African Reserve Bank has imposed administrative sanctions totaling ZAR 162,500 on Access Forex (Pty) Limited for deficiencies in anti-money laundering and counter-terrorist financing controls, violating the Financial Intelligence Centre Act 38 of 2001. Inspections revealed failures in the firm's Risk Management and Compliance Programme, customer verification, and staff training.