Financial watchdog warns banks not to close accounts on reputational grounds only
Financial Sector Conduct Authority commissioner Unathi Kamlana says banks should not close customer accounts purely on reputational grounds.
In a keynote address to an ethics conference hosted by the Banking Association of SA , Kamlana said banks should balance the need to prevent illicit financial activity with the moral obligation to ensure access to financial services. "Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures," Kamlana said in a speech dated 17 April.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
Unathi Kamlana Bank Account Closures
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