Right of Reply: Response to article on closure of bank accounts

In response to Tim Cohen’s article on the Financial Sector Conduct Authority Commissioner Unathi Kamlana's request that bank's consider clients rights when terminating client relationships, National Treasury Technical Advisor Ismail Momoniat argues Cohen interpreted the speech incorrectly.a high degree of confusion on the role of a market conduct regulator like the Financial Sector Conduct Authority and interprets the speech of Commissioner Unathi Kamlana completely wrong.

Cohen conflates the role of the market conduct regulator to protect retail customers and the very necessary responsibility process of dealing decisively with those involved with crime and corruption. Both objectives are critically important, but require different agencies with different mandates to act – in the case of those criminally abusing the financial system, the primary role is for the law enforcement agencies.

Banks are required to take reasonable steps to become aware of suspicious transactions, and know their customers, and file suspicious transactions with the FIC. Cohen’s approach for FSCA to prioritise the need to act against the Gupta family and other dubious billionaires will not only compromise FSCA in focusing on its core mandate, to protect financial customers, but will also take the focus away on how best to make those abusing the financial system be held criminally liable for their actions.

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