Special Allowance Act 2024
The Special Allowance Act 2024 has been published, marking an important legislative update. Please find attached the full document attached for your reference.
AfrAsia : Cut-Off times during festive seasons
The AfrAsia Bank team has issued an important notice to inform clients about the public holidays and early cut-off times during the upcoming festive season.
The Bank will be closed on the following dates in observance of public holidays:
Wednesday, 1 January 2025 (New Year)
In case additional public holidays are declared during this period, a communiquรฉ will be shared on the bank's website.
The central bank, stock exchange, depository, and other financial institutions will also remain closed on these dates. Consequently, no securities transactions, foreign exchange deals, or transaction requests will be processed or settled during this time. These will be handled on the next working day.
Early Branch Closure and Cut-off Times :
AfrAsia Bank's counters will close at 15:00 (Mauritius, GMT+4) on the following dates :
Tuesday, 31 December 2024
The cut-off times for specific services on these days are as follows:
Service Cut-off Time (GMT+4)
Manual Funds Transfers (MUR & FCY) 13:00
Trading and Custody Operations 13:00
Internet Banking Transactions 14:00
Clients are encouraged to submit payments before the respective cut-off times to ensure same-day value processing. Any instructions received after the cut-off times will be processed on the next working day.
For further details, you can contact your Relationship Manager.
South Africa's progress in strengthening measures to tackle money laundering and terrorist financing
Since the 2021 assessment of South Africa's measures to tackle money laundering and terrorist financing and the 2023 Follow-Up report, the country has taken a number of actions to strengthen its framework. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since their mutual evaluation. Overall, South Africa has made progress in addressing most of the technical compliance deficiencies identified in its MER and has been upgraded as follows:
โข Recommendation 2 is re-rated from partially compliant to largely compliant
โข Recommendation 6 is re-rated from partially compliant to largely compliant
โข Recommendation 15 is re-rated from partially compliant to largely compliant