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Banking Act

consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Finance (Miscellaneous Provisions) Act 2017 (Act No 10 of 2017), Finance (Miscellaneous Provisions) Act 2018 (Act No 11 of 2018), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2019 (Act No 9 of 2019), Finance (Miscellaneous Provisions) Act 2019 (Act No 13 of 2019), Anti-Money Laundering and Combatting the Financing of Terrorism (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2021 (Act No 15 of 2021), Finance (Miscellaneous Provisions) Act 2022 (Act No 15 of 2022), Finance (Miscellaneous Provisions) Act 2023 (Act No 12 of 2023), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024 (Act No. 10 of 2024), Finance (Miscellaneous Provisions) Act 2024 (Act No. 11 of 2024), Finance Act 2025 (Act No. 18 of 2025), Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act 2026 (Act No. 3 of 2026).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. 3 Application of Act
  4. PART II: LICENSING OF BANKS AND OTHER FINANCIAL INSTITUTIONS
  5. 4 Restriction on use of word “bank”
  6. 5 Application for banking licence
  7. 6 Determination of application
  8. 7 Grant or refusal to grant banking licence
  9. 8 Licence fees
  10. 9 Display of banking licence
  11. 10 Power to vary conditions of banking licence
  12. 11 Revocation and surrender of banking licence
  13. 11A Representative office of foreign bank
  14. 11B Licensing of specialised financial institution
  15. 11C Regulatory sandbox authorisation inserted by Act No 15 of 2021
  16. PART II: LICENSING OF BANKS AND OTHER FINANCIAL INSTITUTIONS
  17. 12 Licensing of deposit taking business
  18. 13 Licensing of cash dealers
  19. 14 Granting of licences to cash dealers
  20. 14A Licensing of credit information bureau or recognition of external credit
  21. 14B Granting of licence to credit information bureau
  22. 14C Recognition of external credit assessment institution
  23. 14D Licensing of moneylenders
  24. 14E Granting of licences to issuer of commercial papers inserted by Act No 10 of 2017
  25. PART II: LICENSING OF BANKS AND OTHER FINANCIAL INSTITUTIONS
  26. 15 Display of licence
  27. 16 Variation, revocation and surrender of other licences
  28. 17 Procedure in cases of urgency
  29. 18 Limitations on management and remuneration
  30. 19 Other restrictions
  31. PART III: CAPITAL STRUCTURE, RESERVE ACCOUNT AND OTHER FINANCIAL PROVISIONS
  32. 20 Minimum capital requirements of banks
  33. 21 Maintenance of Reserve Account of banks
  34. 22 Liquid assets of banks
  35. 23 Failure to maintain minimum holdings
  36. 24 Minimum capital requirements
  37. 25 Minimum liquid assets of foreign exchange dealers
  38. 26 Other prudential requirements
  39. PART IV: LIMITATIONS ON OPERATIONS
  40. 27 Restriction on payment of dividends
  41. 28 Limitation on advances or credits
  42. 29 Limitation on concentration of risk
  43. 30 Limitation on investments and non-banking operations
  44. 31 Acquisition of interest in a financial institution
  45. 32 Mergers
  46. 32A Transfer of undertaking by bank
  47. PART V: FINANCIAL STATEMENTS, AUDIT AND SUPERVISION
  48. 33 Records
  49. 34 Financial statements
  50. 35 Monthly statements
  51. 36 Credit assessments and asset appraisals
  52. 37 Disclosure of information
  53. 38 Correction of disclosure statement
  54. 39 Appointment, powers and duties of auditors
  55. 40 Audit committee
  56. 41 Termination of services of auditor
  57. 42 Regular examinations
  58. 43 Special examinations
  59. 44 Powers of examiners and special examiners
  60. 45 Powers of central bank following examination
  61. 45A Freezing of assets
  62. PART VI: RESPONSIBILITIES OF DIRECTORS AND OTHER OFFICERS OF FINANCIAL INSTITUTIONS
  63. 46 Fit and proper person
  64. 47 Disqualification
  65. 48 Disclosure of interest
  66. 49 Indemnity insurance
  67. PART VII: ELECTRONIC BANKING
  68. 50 Automated teller machines
  69. 51 Computer access
  70. 52 Electronic delivery channel
  71. 53 Clearing house and payments system
  72. 53A New products, business practices, delivery inserted by Act No 11 of 2018
  73. PART VIII: ADMINISTRATION OF FINANCIAL INSTITUTIONS
  74. 54 Internal control systems
  75. 54A Protection of whistleblowers inserted by Act No 13 of 2019
  76. PART VIII: ADMINISTRATION OF FINANCIAL INSTITUTIONS
  77. 55 Identity of customers
  78. 56 Validity of thumb print
  79. 57 Bank’s obligations towards customers
  80. 58 Customer’s duty to report unauthorised signature or alteration
  81. 59 Abandoned funds
  82. 60 Evidence in relation to banker’s books
  83. 60A Certificate of senior officer of financial institution as evidence
  84. 61 Control of advertisement
  85. 62 Hours of business
  86. 63 Bank holidays
  87. 64 Confidentiality
  88. PART VIIIA: PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING
  89. 64A Programmes against money laundering and inserted by Act No 11 of 2018
  90. 64B Customer due diligence information inserted by Act No 11 of 2018
  91. 64C Examination of financial institutions or holders of inserted by Act No 11 of 2018
  92. 64D Confidentiality of examination reports inserted by Act No 11 of 2018
  93. 64E Cooperation and exchange of information with domestic and foreign inserted by The Anti-money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024
  94. 64E Cooperation and exchange of information with inserted by Act No 10 of 2024
  95. PART IX: CONSERVATORSHIP
  96. 65 Appointment of conservator
  97. 66 Powers and duties of conservator
  98. 67 Term of office and remuneration of conservator
  99. 68 Resumption of office by directors upon conclusion of conservatorship
  100. 69 Rehabilitation or reorganisation of financial institution
  101. PART X: VOLUNTARY LIQUIDATION
  102. 70 Procedures to go into voluntary liquidation
  103. 71 Notice and publication of voluntary liquidation
  104. 72 Rights of depositors and creditors
  105. 73 Distribution of assets
  106. 74 Insufficient assets
  107. PART XI: COMPULSORY LIQUIDATION
  108. 75 Board to appoint a receiver
  109. 76 Notice of appointment of receiver
  110. 77 Duties of receiver
  111. 78 Powers of receiver
  112. 79 Powers of central bank under this Part
  113. 79A Licensing of temporary financial institution
  114. 79A Licensing of temporary financial institution inserted by Act No 18 of 2016
  115. PART XI: COMPULSORY LIQUIDATION
  116. 80 Receiver taking possession of a financial institution
  117. 81 Execution against assets of a financial institution
  118. 82 Further powers of receiver
  119. 83 Inventory of assets
  120. 84 Safe deposit box
  121. 85 Receiver dealing with claims
  122. 86 Priority of claims
  123. 87 Submission of audited accounts to Bankruptcy Court
  124. 88 Liquidation of a financial institution
  125. 89 Civil and criminal actions
  126. PART XII: WINDING UP OF FINANCIAL INSTITUTIONS GENERALLY
  127. 90 Winding up of financial institutions
  128. 91 Priority of deposit liabilities
  129. 92 Priority of deposit and other liabilities in case of winding up of a bank
  130. PART XIII: MISCELLANEOUS
  131. 93 Deposit insurance scheme
  132. 94 Derogations from articles 1659, 1660, 1661, 1673, 2087 and 2088 of
  133. 95 Protection from liability
  134. 96 Ombudsperson for Banks
  135. 96A Protection of customers of financial institutions
  136. 96B Limitation of interest
  137. PART VIIIA: PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING
  138. 96C Decision of United Nations Security Council inserted by Act No 11 of 2018
  139. PART XIII: MISCELLANEOUS
  140. 97 Offences and penalties
  141. 98 Prosecution for offence
  142. 99 Compounding of offences
  143. 100 Guidelines or instructions
  144. 101 Regulations
  145. 102 Transitional provision inserted by Act No 10 of 2017
  146. THIRD SCHEDULE
  147. 1 Where the central bank authorises the transfer of the whole or part of the
  148. 2 (a) Every person who, in relation to the transferred undertaking on the day
  149. 3
  150. FOURTH SCHEDULE
  151. 1 Any person bona fide carrying on the business of banking or insurance or
  152. 2 Any body corporate, incorporated or expressly empowered, or any other
  153. 3
  154. 4
  155. 5
  156. 6
  157. 7
  158. 8
  159. 9
  160. 10
  161. 11 Any specialised financial institution licensed by the central bank to engage
  162. 12
  163. 13