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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Directives

Directive for conduct within the national payment system in respect of the Financial Action Task Force Recommendations for electronic funds transfers - Effective 15 August 2022

Directive No. 1 of 2022

3. Scope of this directive

 

3.1 This directive applies to accountable institutions that facilitate or enable the origination or receipt of domestic and cross-border electronic funds transfers and/or act as an intermediary in receiving or transmitting electronic funds transfers.

 

3.2 Further, this directive applies to domestic and cross-border electronic funds transfers initiated or processed through:
3.2.1 immediate settlement payment clearing house (PCH);
3.2.2 electronic funds transfer credit PCH;
3.2.3 real-time clearing PCH;
3.2.4 Society for Worldwide Interbank Financial Telecommunications (SWIFT) network;
3.2.5 a credit, debit or prepaid card used to effect an electronic funds transfer; and
3.2.6 any other arrangement, system and/or product that can initiate or process domestic and cross-border electronic funds transfers, as may be determined by the SARB from time to time.

 

3.3 This directive does not apply to:
3.3.1 payment clearing house system operator as defined in the NPS Act;
3.3.2 settlement system as defined in the NPS Act;
3.3.3 any transfer that flows from a transaction carried out using a credit, debit or prepaid card for purchasing goods or services, so long as the credit, debit or prepaid card number accompanies all transfers flowing from the transaction. However, when a credit, debit or prepaid card is used as stated in paragraph 3.2.5 above, the transaction is covered by this directive;
3.3.4 any transfers and settlements between financial institutions, where both the originator and the beneficiary are financial institutions acting on their own behalf; and
3.3.5 electronic funds transfer debits.