What is the role of the Financial Surveillance Department?
The Financial Surveillance Department is responsible for overseeing exchange control regulations in South Africa. They ensure compliance with the law and monitor cross-border financial transactions.
Are there limits on foreign exchange transactions?
Yes, there are limits on foreign exchange transactions for both individuals and businesses. Individuals can typically transact up to ZAR 1 million annually without special permission, while businesses may have different thresholds based on their specific circumstances.
How does the Financial Intelligence Centre Act (FICA) affect my financial transactions?
FICA requires financial institutions to conduct due diligence to prevent money laundering and financing of terrorism. This means that your financial transactions may be subject to additional scrutiny and verification.