In an attempt to clarify ongoing speculation following Standard Bank and Nedbank’s move last week to sever ties with the Gupta-linked Oakbay Resources, the Banking Association of South Africa (Basa) on Thursday released a statement to account for the regulatory considerations that all banks needed to undertake when assessing client relationships. Basa explained that South African banks were obliged to ensure that their clients abided by the regulations of the current Financial Intelligence Centre Act (Fica), including impending amendments to this Act, as well as anti-money-laundering regulations.
