A legal analysis of the duty on banks to comply with targeted financial sanctions
- Spruyt, Wynand Max Alexander
- Authors: Spruyt, Wynand Max Alexander
- Date: 2019
- Subjects: Banking law - South Africa , Financial services industry - Law and legislation , Legislation - Compliance costs - South Africa
- Language: English
- Identifier: http://hdl.handle.net/10210/413900 , uj:34887
- Description: Abstract: Please refer to full text to view abstract. , LL.M. (Banking Law)
- Full Text:
- Authors: Spruyt, Wynand Max Alexander
- Date: 2019
- Subjects: Banking law - South Africa , Financial services industry - Law and legislation , Legislation - Compliance costs - South Africa
- Language: English
- Identifier: http://hdl.handle.net/10210/413900 , uj:34887
- Description: Abstract: Please refer to full text to view abstract. , LL.M. (Banking Law)
- Full Text:
Preserving the sanctity of electronic payments : a legal perspective
- Authors: Nkosi, Gugu Gloria
- Date: 2020
- Subjects: Electronic funds transfers - Law and legislation - South Africa , Electronic funds transfers - Law and legislation - Australia , Financial services industry - Law and legislation , Financial services industry - Technological innovations
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/447095 , uj:39176
- Description: Abstract: Electronic funds transfers facilitates the purchasing of items online. This then curtails the burden of having to travel to a physical store, choose an item to buy and pay for it. Thus, these transfers allow us to purchase prepaid airtime and electricity online by using mobile banking applications or internet banking services. Further, electronic funds transfers allow us to send and receive money from the comfort of our homes. Indeed, electronic funds transfers may be construed as the benefit in the digital age where there are information overflows. Nonetheless, electronic funds transfers also generate innumerable setbacks. The most obvious is the prevalence of unauthorised use or access to data, data alteration or integrity and fraud. In light of the above, it is important to utilise the benefits offered by electronic funds transfers whilst still managing the risks attached to electronic funds transfers. The case of Galactic Auto (Pty) Ltd v Venter touches on almost all these risks. Therefore, this research examines the regulation of electronic funds transfers in South Africa. It is limited only to the idea to preserve the sanctity of these transactions. Furthermore, the research studies the risks posed to electronic funds transfers and the applicable measures to combat or minimise these risks. In doing so, a comparative study of the regulations relating to electronic funds transfers in Australia and South Africa is made. Specifically, it is argued that South Africa should adopt a procedure similar to Australia. Specifically, Australia deals with electronic funds transfers separately in the ePayment Code. This is meant to prevent the increase in the use of electronic payments by responding to the need to cater for all aspects of electronic payments... , LL.M. (Banking Law)
- Full Text:
- Authors: Nkosi, Gugu Gloria
- Date: 2020
- Subjects: Electronic funds transfers - Law and legislation - South Africa , Electronic funds transfers - Law and legislation - Australia , Financial services industry - Law and legislation , Financial services industry - Technological innovations
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/447095 , uj:39176
- Description: Abstract: Electronic funds transfers facilitates the purchasing of items online. This then curtails the burden of having to travel to a physical store, choose an item to buy and pay for it. Thus, these transfers allow us to purchase prepaid airtime and electricity online by using mobile banking applications or internet banking services. Further, electronic funds transfers allow us to send and receive money from the comfort of our homes. Indeed, electronic funds transfers may be construed as the benefit in the digital age where there are information overflows. Nonetheless, electronic funds transfers also generate innumerable setbacks. The most obvious is the prevalence of unauthorised use or access to data, data alteration or integrity and fraud. In light of the above, it is important to utilise the benefits offered by electronic funds transfers whilst still managing the risks attached to electronic funds transfers. The case of Galactic Auto (Pty) Ltd v Venter touches on almost all these risks. Therefore, this research examines the regulation of electronic funds transfers in South Africa. It is limited only to the idea to preserve the sanctity of these transactions. Furthermore, the research studies the risks posed to electronic funds transfers and the applicable measures to combat or minimise these risks. In doing so, a comparative study of the regulations relating to electronic funds transfers in Australia and South Africa is made. Specifically, it is argued that South Africa should adopt a procedure similar to Australia. Specifically, Australia deals with electronic funds transfers separately in the ePayment Code. This is meant to prevent the increase in the use of electronic payments by responding to the need to cater for all aspects of electronic payments... , LL.M. (Banking Law)
- Full Text:
The imposition of South African anti-money-laundering rules by South African banks on subsidiary banks located in foreign countries : a legal analysis
- Authors: Gani, Imtiaz
- Date: 2017
- Subjects: Money laundering , Financial institutions , Money - Law and legislation , South Africa. Financial Intelligence Centre Act, 2001 , Financial services industry - Law and legislation
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/237008 , uj:24276
- Description: LL.M. (Banking and Stock Exchange Law) , Abstract: Money laundering and terrorist financing is a global issue. The advent of new technologies such as the internet and the impact of globalisation have forced businesses including banks to re-evaluate their business models. One of the key strategies currently being employed by South African banks is diversification of business interests through the establishment of subsidiary banks throughout the African continent. It is precisely this strategic shift which has exposed weaknesses in the management of money laundering risks as the South African banks are expected to ensure that the home country anti-money laundering standards are imposed on the subsidiary banks. The South African anti-money laundering regime is considered to be strong within the global context. However, the current Financial Intelligence Centre Act was not developed, and does not cater, for the position where home country anti-money laundering standards are to be imposed on subsidiaries. Even if the Act did cater for this position there would need to be intergovernmental agreements in place to give effect to the South African provisions on the subsidiary banks. Additional legislation such as the Banks Act provides for oversight and attempts to ensure that the standards are met to a degree. However, the Banks Act is applicable to the South African banks, and not to the subsidiaries due to sovereignty of state. It does to a degree require agreement between the various regulators of the countries involved. The countries involved in these cross-border acquisitions are often at different phases of their social, political and economic development and may not have the same resources that South Africa has at its disposal. What occurs when there is a conflict between the legislation of the subsidiary and the home country or if it is simply impractical to impose the standards of the home country to the subsidiary? The risk to South African banks and the South African economy are great as apart from a fine from the South African regulator, there could be a perception that the South African banks’ anti-money laundering framework is not as strong as perceived. The South African banking sector is viewed as a first-world sector. A perception that the banking sector has been weakened through cross-border subsidiary bank acquisitions could lead to a loss of international investments, international business or could even be a determining factor in a ratings downgrade to the South African economy. The dissertation was compiled reviewing all applicable legislation of South Africa as well as that countries where banks were acquired as subsidiaries, the letters of approval from the South African Reserve bank together with conditions and duties imposed on the approval, as...
- Full Text:
- Authors: Gani, Imtiaz
- Date: 2017
- Subjects: Money laundering , Financial institutions , Money - Law and legislation , South Africa. Financial Intelligence Centre Act, 2001 , Financial services industry - Law and legislation
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/237008 , uj:24276
- Description: LL.M. (Banking and Stock Exchange Law) , Abstract: Money laundering and terrorist financing is a global issue. The advent of new technologies such as the internet and the impact of globalisation have forced businesses including banks to re-evaluate their business models. One of the key strategies currently being employed by South African banks is diversification of business interests through the establishment of subsidiary banks throughout the African continent. It is precisely this strategic shift which has exposed weaknesses in the management of money laundering risks as the South African banks are expected to ensure that the home country anti-money laundering standards are imposed on the subsidiary banks. The South African anti-money laundering regime is considered to be strong within the global context. However, the current Financial Intelligence Centre Act was not developed, and does not cater, for the position where home country anti-money laundering standards are to be imposed on subsidiaries. Even if the Act did cater for this position there would need to be intergovernmental agreements in place to give effect to the South African provisions on the subsidiary banks. Additional legislation such as the Banks Act provides for oversight and attempts to ensure that the standards are met to a degree. However, the Banks Act is applicable to the South African banks, and not to the subsidiaries due to sovereignty of state. It does to a degree require agreement between the various regulators of the countries involved. The countries involved in these cross-border acquisitions are often at different phases of their social, political and economic development and may not have the same resources that South Africa has at its disposal. What occurs when there is a conflict between the legislation of the subsidiary and the home country or if it is simply impractical to impose the standards of the home country to the subsidiary? The risk to South African banks and the South African economy are great as apart from a fine from the South African regulator, there could be a perception that the South African banks’ anti-money laundering framework is not as strong as perceived. The South African banking sector is viewed as a first-world sector. A perception that the banking sector has been weakened through cross-border subsidiary bank acquisitions could lead to a loss of international investments, international business or could even be a determining factor in a ratings downgrade to the South African economy. The dissertation was compiled reviewing all applicable legislation of South Africa as well as that countries where banks were acquired as subsidiaries, the letters of approval from the South African Reserve bank together with conditions and duties imposed on the approval, as...
- Full Text:
- «
- ‹
- 1
- ›
- »