Exchange Control Circular No. 25/2019

Circular Reference: Exchange Control Circular No. 25/2019

Circular Date: 12 November 2019

Circular Status: Pending

Amendments to the Currency and Exchanges Manual for Authorised Dealers and Authorised Dealers in foreign exchange with limited authority

Flowing from representations made, various amendments to the Manual are hereby implemented.

For ease of reference, attached is a schedule highlighting the amendments made.

The amended Manual may be accessed on the SARB website: www.reservebank.co.za by following the links: Home > Regulation and supervision > Financial surveillance and exchange controls > Currency and exchanges documents.

Head of Department: Financial Surveillance

Amendments to the Currency and Exchanges Manual
A. Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority

Item noSection of the ManualAmendments in the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority
1.B.1(A)(ii)(a)(cc)Removal of proof of the client’s residential address
2.B.1(A)(ii)(b)(cc)Removal of proof of the client’s residential address
3.B.1(A)(ii)(c)(cc)Removal of proof of the client’s residential address
4.B.1(A)(ii)(f)(bb)Removal of proof of the client’s residential address
5.B.1(A)(ii)(k)(aa)Inclusion of CDD requirements provided for in the RMCP of the individual ADLA and the removal of proof of residence
6.B.1(A)(ii)(k)(bb)Alignment with the AD manual
7.B.1(A)(ii)(k)(gg)Included an additional paragraph to provide clarity on reporting matters
8.B.1(A)(ii)(k)(hh)A new paragraph has been inserted to address host travel incentive scheme reward events and the reporting thereof.
9.B.1(A)(ii)(k)(ii) – (rr)As a result of the new paragraph (hh) inserted, these sections have been renumbered together with any references thereto.
10.B.1(A)(iii)Remove “outward” next to category code 270
11.B.1(B)(ii)(b)(bb)Inclusion of CDD requirements provided for in the RMCP of the individual ADLA and obtain residential address information for reporting purposes together with the removal of proof of residence
12.B.1(B)(ii)(d)(aa)(3)CDD requirements provided for in the RMCP of the individual ADLA and the removal of proof of residence
13.B.1(B)(iv)Remove “outward” next to category code 270
14.B.1(D)(iii)Remove “outward” next to category code 270
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