South African Reserve Bank’s Post

#southafrica #Codi #bankfailures #depositors 'Finally, on 1 April 2024, South Africa ushered in a new era of banking security by introducing a robust Deposit Insurance Scheme. Reserve Bank governor Lesetja Kganyago and Finance Minister Enoch Godongwana launched the Corporation for Deposit Insurance (Codi) on Thursday (today). Codi is a subsidiary of Sarb and ‘part of the country’s financial sector safety net, safeguarding bank depositors and bringing further confidence and stability to our resilient financial sector,’ according to the central bank. This groundbreaking initiative offers protection of up to R100,000 per qualifying depositor in the event of a bank collapse. In the past 30 years, there have been 13 bank failures in South Africa. Under the Deposit Insurance Scheme, eligible deposits will be covered up to R100,000 per depositor per bank. Even though it will end up covering only some 23% of deposits by rand value, it will still cover 90% of all depositors by number. This deliberately nuanced approach ensures that the scheme prioritises coverage for smaller depositors. The financing of the Deposit Insurance Scheme comes from premiums/levies paid by the banks of 0.215% per annum of covered deposits. Banks will also provide liquidity to the Codi with an interest-bearing loan of 3% of covered deposits. Taxpayers are off the hook.'

FIC freezes 28 bank accounts worth N$33.1 million in 2023/2024 The Financial Intelligence Centre (FIC), empowered by the Financial Intelligence Act (FIA), has directed the freezing of 28 bank accounts totalling N $33.1 million during the 2023/2024 review period. This marks a significant increase from the previous year, where 25 accounts with a combined value of N$15.4 million were restricted, reflecting a 105% rise. The FIA authorises the FIC to instruct banks or any entity to freeze accounts suspected of holding proceeds of crime for up to 18 working days. This period allows the FIC to conduct thorough investigations into the suspicious transactions and coordinate with law enforcement agencies (LEAs) to secure the funds. https://lnkd.in/dhSy_XDV #namibia #accountfreezing #suspicioustransections Bank of Namibia Bryan (KGB) Eiseb

Unfair loan terms, exposed! 🏦 Did you know that illegal loan practices continue to affect borrowers? Recent investigations have uncovered that certain banks in Cyprus are still applying unfair terms on early loan repayments. This alarming violation is due to the slow implementation of essential EU directives intended to protect consumers. This not only jeopardizes borrowers’ financial security but also undermines trust in the financial system. ➡️ Unresolved issues persist concerning: - The Commission's actions to halt these illegal practices. - The Cypriot Consumer Protection Service's refusal to investigate complaints. - The assessment stage of the directive on non-performing loans in Cyprus. Now more than ever, being informed and prepared is crucial. 🛡 Need personalized advice on safeguarding your financial future? Reach out to my DM for a thorough discussion. 💬 #EconomouInsurance #FinancialPlanning #ConsumerRights #LoanRepayment #EUCompliance #Cyprus

It’s empowering to see mechanisms like these that provide a fair platform for consumers to assert their rights. In the financial services landscape, accountability and transparency are vital for maintaining trust. Many individuals may feel overwhelmed when faced with disputes against financial institutions, especially non-bank lenders. However, as this post highlights, standing up for your rights is both possible and necessary. At Vorofin, we always advocate for informed decision-making, not only to protect individual rights but also to promote ethical practices within the industry. It’s essential to remember that when navigating these situations, professional guidance can make all the difference in ensuring that compliance and fair treatment are upheld. Have you ever encountered a situation where you felt your financial rights weren’t being respected? I'd love to hear your thoughts. #ConsumerProtection #FinancialRights #ComplianceMatters

How many of us have experienced an ABM being down? Well.. banks will start facing penalties if they don’t stay on top of their maintenance! Finance Minister, Dr. Nigel Clarke says that in 2026, when Jamaica switches over to the twin peaks model of finance regulation, we can expect there to be some changes for regulation and penalties. What are your thoughts on this? ➡️Go to the link in my bio and choose NEWSLETTER to join my mailing list for more info like this. ➡️Choose Join the Money Mission for info about my Money Mission Membership. 🗣️Let’s get this money!💰 #banking #jamaica

Staying informed on regulatory updates like this is crucial in our industry. This alert is a valuable resource for enhancing our efforts to detect and prevent financial crime, especially in high-risk areas like real estate. A must-read for compliance professionals!

Updated Review of Maximum Deposit Insurance Coverage Level by Nigeria Deposit Insurance Corporation (NDIC) The Nigeria Deposit Insurance Corporation (NDIC) is tasked with safeguarding the deposits of customers in banks and other CBN licensed deposit taking financial institutions. In the face of evolving banking regulations, our goal is to keep readers informed, empowering them to make sound financial decisions and safeguard their assets. This article offers a straightforward overview of the recent updates on the maximum deposit insurance coverage provided by the NDIC. We aim to ensure readers grasp the benefits associated with this recent development, providing clarity and understanding of its implications. Here is the link https://lnkd.in/duCWhwK8 #KalepronAttorneys #LegalHub #LegalFactory #Excellence-Industry #CorporateLaw #CompanyLaw #CommercialLaw

Send money to Guyana from Cyprus quickly and affordably with RemitAnalyst! 🌍 Compare the best money transfer services to secure the highest exchange rates and lowest fees. Whether for personal or business needs, make your transactions safe, fast, and cost-effective today. Learn more: https://lnkd.in/gFAMm5Na #MoneyTransfer #ExchangeRates #SendMoney

Yesterday, Sunday night, Israel targeted branches of the Al-Qard Al-Hassan (AQAH) association in areas of Beirut’s southern suburbs, the South, and the Beqaa, resulting in significant destruction to buildings and properties. The Israeli military announced that it would target Hezbollah’s financial institution because it “plays a role in funding the party.” Israel’s actions are seen as an attempt to strike at the economic and financial arm of Hezbollah. Through this association, Hezbollah has managed to achieve a degree of financial independence from the international financial system, using it as a means to secure its resources. Since the beginning of Israel’s aggression on Lebanon, questions have arisen about the fate of people’s funds—those who have pawned their gold and jewelry to secure interest-free financial loans—and whether Hezbollah has moved the vaults containing the gold to safer locations. These concerns increased after yesterday's strikes, though multiple media reports have confirmed that people's savings are safe. The Al-Qard Al-Hassan association was established in 1982 following Israel's invasion of Lebanon and currently has over 31 branches. According to its website, the association describes its work as helping people by granting them interest-free loans for specific periods to support them in "solving some of their social problems." The United States has accused the association of "illegally transferring funds" to Hezbollah and "undermining the stability of the Lebanese state." The US Treasury Department imposed sanctions on the association in 2007 and again in 2021. The latter sanctions also targeted the institution's employees, accusing them of using personal accounts in licensed Lebanese banks to transfer more than $500 million to and from the association over the past decade. The US Rewards for Justice program had also announced a $10 million reward for "information leading to the disruption of Hezbollah's financial mechanisms." The program stated that "Hezbollah receives nearly one billion dollars annually through direct financial support from Iran, international business and investments, and donor networks."

I am pleased to share that as part of further strengthening the Bank Resolution and Recovery Regime, the paliment of Pakistan approved legal amendments in the Banking Companies ordinance and the DPC Act, in October 2024. The important highlights of BCO amendments are: enabling the role of the State Bank of Pakistan (SBP) as the resolution authority to prepare and execute its Resolution scheme. Important features in the DPC Act amendments are the enhancement of of the mandate of the Corporation from “paybox only” to “paybox plus”, I.e., to facilitate in the resolution support of its member instituions, in addition to the reimbursement of eligible depositors in case of bank failure, and additional changes to further strengthen the deposit protection framework in Pakistan, and smooth functioning of the Corporation.