SARB sanctions money transfer service

SARB fines Access Forex R162,500 after identifying serious AML and FICA compliance gaps, warning ADLAs of tightening oversight across cross-border remittances (image source)

The South African Reserve Bank (SARB) has imposed administrative sanctions totalling R162,500 on Access Forex (Pty) Limited, an authorised dealer in foreign exchange with limited authority, after finding material deficiencies in its anti-money-laundering and counter-terrorist-financing controls.

SARB’s compliance review identified weaknesses across three core areas: inadequate risk-management frameworks, incomplete customer due-diligence checks, and insufficient staff training on Financial Intelligence Centre Act (FICA) requirements. Regulators warned that such gaps heighten vulnerabilities to criminal exploitation and pose systemic risks to the regional payments ecosystem.

Cross-border focus draws scrutiny

Based in Harare, Access Forex facilitates cross-border remittances between Zimbabwe, South Africa and the United Kingdom. Supervisors noted the business model’s inherent high-risk exposure, stressing the need for robust monitoring standards consistent with the company’s role in channelling retail and commercial flows across jurisdictions.

Documentation lapses in Access Forex’s Risk Management and Compliance Programme and inconsistent record-keeping were among key findings. SARB underscored that the violations extend beyond technical oversight, potentially exposing the firm and its partners to financial crime and reputational harm.

Remediation and warning to the sector

Alongside the penalty, SARB issued directives requiring Access Forex to strengthen controls and demonstrate ongoing compliance within defined timelines. Repeat breaches could trigger higher penalties or limits on operating authority.

Industry analysts say the enforcement action signals heightened regulatory expectations for non-bank remittance providers. As digital money-transfer channels expand, regional regulators are pushing ADLAs to match bank-level standards on know-your-customer procedures and continuous transaction monitoring.

For correspondent banks and retail clients, the episode reinforces the importance of due diligence when relying on cross-border payout networks. Analysts note that providers seeking scale must invest proportionately in compliance systems to safeguard access to regional financial infrastructure.

SARB reiterated that innovation in payment services must remain balanced with strong governance, staff capability and clear adherence to FICA standards. Access Forex is expected to report on corrective measures as regulators monitor progress to prevent further sanctions.