eZI Remit<\/a>, provides for the international remittance, which is the transfer of funds from one country to another<\/p>\n\n\n\nThe Sunninghill-based company said that the service enables individuals to send money to their home countries and for cross-border transactions for businesses that operate globally.<\/p>\n\n\n\n
The SARB noted that eZaga is an authorised dealer in foreign exchange with limited authority (ADLA). <\/p>\n\n\n\n
ADLAs are persons authorised by the SARB to deal in foreign exchange transactions and are subject to regulation.<\/p>\n\n\n\n
ADLAs include bureaux de change and are authorised to deal only in certain Limited, designated foreign exchange transactions, including travel-related transactions.<\/p>\n\n\n\n
The FIC Act mandates that SARB ensure that ADLAs have adequate controls in place to combat acts of money laundering and the financing of terrorism. <\/p>\n\n\n\n
From these responsibilities, the SARB inspects ADLAs to assess whether they have appropriate measures in place as required by law. <\/p>\n\n\n\n
The SARB stated that the administrative sanction was imposed due to specific weaknesses detected in the ADLA\u2019s control measures. <\/p>\n\n\n\n
These weaknesses included limited training provided to its staff members.<\/p>\n\n\n\n
However, the company got off relatively lightly and received only a caution not to repeat the conduct which led to the non-compliance. <\/p>\n\n\n\n
Several other institutions have received monetary penalties for contravening the FIC Act, including Capitec, Absa, Standard Bank, Sanlam and several international banks.<\/p>\n","protected":false},"excerpt":{"rendered":"
The South African Reserve Bank has sanctioned eZaga Remit for failing to comply with the FIC Act. <\/p>\n","protected":false},"author":95,"featured_media":806134,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,24024,2880,3619,499],"class_list":["post-842337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-ezaga","tag-sanlam","tag-sarb","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/842337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=842337"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/842337\/revisions"}],"predecessor-version":[{"id":842373,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/842337\/revisions\/842373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/806134"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=842337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=842337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=842337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}