Statistics Act, 1999
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter VII: Reporting27. SCV reporting requirements |
| (1) | A bank must prepare its total qualifying deposits and total covered deposits using SCV calculations. |
| (2) | The Corporation may provide additional guidelines for the preparation of total qualifying deposits and total covered deposits by a bank in accordance with these regulations. |
| (3) | To prepare its total qualifying deposits and total covered deposits using SCV calculations, a bank must ensure that it’s key systems, at a minimum, are able to— |
| (a) | identify a qualifying deposit; |
| (b) | identify an account held in a qualifying product; |
| (c) | identify a qualifying depositor, signatory and a formal beneficiary account holder using the minimum identification criteria set out in these regulations; |
| (d) | identify a simple account, formal beneficiary account or informal beneficiary account; |
| (e) | mark a qualifying depositor, signatory, formal beneficiary account holder, and an account in a qualifying product as ready-for-payout (RFP) or not-ready-for-payout (NRP) using one or more of the applicable indicators; |
| (f) | provide the details of an account held in a qualifying product with its balances; |
| (g) | provide a balance due to a beneficiary of a formal beneficiary account; |
| (h) | calculate the interest accrued on an account daily, to include interest as at the reporting date; |
| (i) | convert a foreign currency balance to South African Rand as at the reporting date; |
| (j) | generate a SCV record with the required information fields for each qualifying depositor and their accounts in a qualifying product; and |
| (k) | generate a separate record for each formal beneficiary account for which a bank cannot generate a SCV record for the beneficiaries. |
