From mid-November, your bank won't have to report you for cash transactions of R25,000.
For more than a decade, financial institutions were required to report you to the authorities for any cash transaction of R25,000 or more.
Now you'll have to deal in more than R49,999 in cash before a great deal of information about you has to go to the Financial Intelligence Centre.As of 14 November, the limit on cash transactions before mandatory reporting requirements kick in will double, the national treasury announced on Friday. Because banks face significant fines and reputation damage if they fail to heed such rules, they tended towards over-reporting, executives have long said, choosing to flood the FIC with reports if necessary. that finance minister Enoch Godongwana had doubled that amount; on implementation of the new regulations in mid-November, the prescribed amount for cash transactions becomes R49,999.99.
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