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South African Reserve Bank
 
 
     
 
 

Exchange control contraventions 

  • How to report a contravention of the Exchange Control Regulations?

    The matter can be reported, anonymously as well, to the South African Reserve Bank via an email at the following address: SARBFNSDEPT@resbank.co.za. The following information, if available, pertaining to the parties involved must be included in the report:

    (i) full names and ID numbers of individuals;

    (ii) the registered name and number of legal entities;

    (iii) residential status;

    (iv) address and contact details;

    (v) full details of the alleged contravention including the amount involved, whereabouts of the foreign assets, supporting documentation; and

    (vi) available banking details.
  • How do I regularise alleged exchange control contraventions?

    South African residents who did not apply for exchange control relief under the expired Special Voluntary Disclosure Programme as announced by the Minister of Finance during his 2016 Budget Speech and who now choose to settle their exchange control affairs must make a full disclosure to the Financial Surveillance Department of the South African Reserve Bank (FinSurv) and may, at the discretion of FinSurv, have to pay a settlement consideration ranging from 10% to 40% of the amount involved in the contravention.
     
    The determination of the final settlement amount will, inter alia, depend on whether the applicant elects to retain the funds abroad or repatriate such funds.
     
    All applications submitted to FinSurv must be accompanied by a full frank and verifiable affidavit disclosing all relevant facts and supported by suitable documentary evidence. FinSurv may refuse an application for regularisation in circumstances where the relevant contraventions are the subject of a current audit or investigation.
     
    Anonymous applications will not be accepted.
     
    South  African  residents  who  neither  applied  for  exchange  control  relief  in  terms  of  the Special Voluntary Disclosure Programme nor voluntarily approached FinSurv for assistance may face the full force of the law. In this regard, FinSurv is mandated to, where appropriate, recover the full amount of the contravention.
     
    Applications may be forwarded to SARBFNSDept@resbank.co.za for the attention of the Compliance and Enforcement Division.
     
 
 
 
     
 
 
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