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South African Reserve Bank

Unlawful or suspicious foreign exchange activities/transactions 

  • How to report unlawful or suspicious foreign exchange activity/transactions?

    The matter can be reported to the South African Reserve Bank via three options:
    1. An email can be sent to the following address:
    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 unlawful or suspicious activity/transaction including the amount involved, the nature of the transaction and supporting documentation;

    (vi) available banking details; and
    (vii) source of the funds.
    3. A phone call can be placed to the SARB's independent external hotline service (Deloitte Tip-Offs Anonymous) on the telephone number 0800 ETHICL (384425).
    For more information regarding the tip off line, click on the following link:
  • 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 affairs must make a full disclosure to the Financial Surveillance Department of the South African Reserve Bank (FinSurv) through the submission of an application via an Authorised Dealer, or, directly with FinSurv at (for attention: Compliance and Enforcement Division). 
    At the discretion of FinSurv, applicants may pay a settlement amount 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.
    Relevant factors to be looked at when considering applications for the regularisation of exchange control contraventions may include, inter alia, undue hardship, circumstances and involvement of the applicant in the contravention and the nature, extent and seriousness of the contraventions of the provisions of the Exchange Control Regulations.
    Anonymous applications will not be accepted.
    South  African  residents  with unauthorised foreign assets who do not 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.
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