7. The Cross-Border Foreign Exchange Transaction Reporting Requirements

Individuals must note that the reporting of all cross-border foreign exchange transactions by an Authorised Dealer and/or ADLA to the Financial Surveillance Department is compulsory. Accordingly, individuals must provide full details pertaining to the relevant cross-border transaction as requested by the Authorised Dealer and/or ADLA concerned.

The objective of the Reporting System is to ensure accurate and comprehensive reporting of all data by Authorised Dealers and ADLAs on transactions, irrespective of the amount, for compilation of:

  • (a) Balance-of-payments statistics by the Economic Research and Statistics Department of the South African Reserve Bank;
  • (b) Foreign debt statistics and repayment profiles to support monetary policy decisions; and
  • (c) Statistical information relating to the nature, volume, and values of the various cross-border flows and to provide the appropriate information for economic and financial management decisions, as well as planning and policy formulation.

7.1 Integrated form

Individuals must complete an integrated form in respect of all cross-border foreign exchange transactions at an Authorised Dealer and/or ADLA.

When the individual is physically present at the Authorised Dealer/ADLA, the integrated form must be completed and signed by the individual in respect of all inward and outward payments.

When the individual is not physically present to complete and sign the integrated form, the Authorised Dealer/ADLA may complete and sign the integrated form, either physically or electronically, provided that the Authorised Dealer/ADLA has been authorised or mandated to do so by means of a letter, a facsimile message, an email message, or by a recorded telephonic message to act on the individual’s behalf.

As an exception to the arrangement outlined in the preceding paragraph, an integrated form need not be completed by the client of an Authorised Dealer in respect of inward payments under R50,000 per transaction. In this regard, individuals are advised to liaise with their Authorised Dealer regarding the conditions applicable to this dispensation.

7.2 Declaration

The following declaration is included in the integrated form to be signed by the individual:

“I, the undersigned …………………………………………….., hereby declare that:

  1. I have read this document and know and understand the contents thereof;
  2. The information furnished above is in all respects both true and correct;
  3. The currency applied for will only be used for the specific purpose stated herein;
  4. The documentation presented in support of this application is in all respects authentic; and
  5. I have been informed of the limit applicable to the above transaction and confirm that this limit will not be exceeded as a result of the conclusion of this transaction.
  6. I consent to this information being provided to the South African Revenue Service and/or the Financial Intelligence Centre.”
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