In Beverly, rare uprising preserves a community institution — for now From The...
SARB Guidance Note 06/2008 on Cell-Phone Banking
(enacted in 2008)
Issued by the South African Reserve Bank, Guidance Note 06/2008 on cell-phone banking provides information on cell-phone banking products. It also provides advice on areas such as minimizing the risk of abuse for money laundering or terrorist financing. It stipulates that cell-phone banking may only be offered to South Africans, certain procedures must be followed in order to verify the identity of the client, and mechanisms must be set up to prevent the opening of multiple accounts by a single person.