{"id":840290,"date":"2025-10-17T16:30:00","date_gmt":"2025-10-17T14:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=840290"},"modified":"2025-10-17T16:22:01","modified_gmt":"2025-10-17T14:22:01","slug":"another-international-finance-company-hit-with-sanctions-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/840290\/another-international-finance-company-hit-with-sanctions-in-south-africa\/","title":{"rendered":"Another international finance company hit with sanctions in South Africa"},"content":{"rendered":"\n

The South African Reserve Bank (SARB) has hit Access Forex with administrative sanctions for failure to abide by the Financial Intelligence Centre Act (FIC Act). <\/p>\n\n\n\n

The SARB has imposed administrative sanctions on Zimbabwe-based Access Forex, an Authorised Dealer in foreign exchange with limited authority (ADLA). <\/p>\n\n\n\n

Based in Harare, Access Forex deals with the movement of money from South Africa, the UK and Zimbabwe. <\/p>\n\n\n\n

The FIC Act gives the SARB the mandate to ensure that ADLAs have adequate controls in place to combat acts of money laundering and the financing of terrorism.\u00a0<\/p>\n\n\n\n

Due to these responsibilities, the SARB inspects ADLAs to assess whether they have appropriate measures, as FIC requires. <\/p>\n\n\n\n

The SARB said that the administrative sanctions were imposed because of specific weaknesses that were detected in Access Forex’s control measures that inhibited it. <\/p>\n\n\n\n

It also failed to reflect essential provisions of the FIC Act in its Risk Management and Compliance Programme (RMCP) document. <\/p>\n\n\n\n

The company also failed to verify and identify some of its customers and provide adequate training to its staff members.<\/p>\n\n\n\n

With this, the SARB imposed the following  administrative sanctions:<\/p>\n\n\n\n