Currency and Exchanges Act

The Currency and Exchanges Act 9 of 1933 is short, and almost all of its practical effect is delegated. Section 9 empowers the President to make regulations on currency, banking and exchanges, and the Exchange Control Regulations made under it are the instrument that actually governs cross-border transactions. Administration sits with the Minister of Finance, who has delegated the day-to-day function to the Financial Surveillance Department of the South African Reserve Bank. Authorised Dealers, which in practice are the commercial banks, are appointed to carry out exchange control at the point of transaction, which is why a cross-border payment is examined by a bank rather than by a regulator. Contraventions are criminal offences, and the Act provides for forfeiture as well as penalty. The duties themselves are in the Regulations, held separately in this library.

The assessment works through every questions across each duties, scored out of 0. Each answer generates the specific actions needed to close or prove that duty, and a “yes” only counts once its evidence is in, which is what makes the score defensible rather than self-declared.

The questions themselves are part of the assessment.