however, that the new legislation should ensure that the business of such institutions is conducted in a safe and sound manner, conducive to the orderly growth of the financial sector, whilst contributing to poverty reduction in both rural and urban areas. comment on the dedicated banks bill and the co - operative banks bill may be provided until the end of january 2005. ( iii ) anti - money laundering the financial intelligence centre act, 2001 ( fic act ), imposes duties on certain institutions to introduce anti - money - laundering measures, to train their employees, to report suspicious transactions to the financial intelligence centre ( fic ) and to retain client information. the banking sector has therefore begun a concerted campaign to comply with the fic act and to fulfill the sector ’ s obligations in terms of local legislation and international guidelines. in may 2002, south africa applied for membership of the financial action task force ( fatf ), an intergovernmental body that develops and promotes policies, nationally and internationally, to combat money laundering. south africa was granted fatf membership in june 2003. as from february 2003, banks and several other institutions have been reporting suspicious transactions that may involve money laundering to the fic. banks have to make detailed reports of all unusual and / or suspicious transactions to the fic. in addition, banks have to report the number of such reports to the registrar of banks. although this has been a challenge for banks, resulting in additional system and resource requirements, banks have shown a commitment to comply with their duties. the bank supervision department has an obligation to monitor compliance by our banks with the fic act and other anti - money laundering guidelines. in order to ensure compliance with the requirements of the fic act, a circular was issued in december 2002. the circular provided guidelines on the types of measures that banks had to implement in order to prevent them being used to launder the proceeds of crime. in terms of the circular, each bank has to furnish the bank supervision department with a detailed plan, with time frames by which the bank intended to achieve full implementation of and compliance with the fic act and the fic regulations. the initial deadline of 30 june 2004 by which banks had to verify the identities of some 17 million clients was extended to a range of new deadlines, starting on 31 october 2004 for high - risk clients and ending on 30 september 2006 for the lowest risk clients. the bank supervision department, in its role as a supervisory body, will continue to monitor progress

daniel mminele : policy implications of some key market developments address by mr daniel mminele, deputy governor of the south african reserve bank, at the financial markets department ’ s annual cocktail function, pretoria, 3 march 2015. * * * introduction ladies and gentlemen, good evening. thank you for attending this year ’ s financial markets department cocktail function. it has almost become tradition for me to take stock of major global and domestic market developments that occurred during the past year, and to briefly reflect on their implications for south africa. in the past, we also used this event to brief you, our partners in financial markets and other stakeholders, on key projects undertaken, changes and innovations introduced in the financial markets department. this year, though, i would like to take a slightly different approach. rather than providing a detailed review of operations over the past year, i will look at what i think are potential challenges that market participants and policymakers are likely to be confronted with in the period ahead. given the time constraints, i will focus on the policy implications of some key market developments. you will, however, not be deprived of information about recent developments and activities of our financial markets department. i have the pleasure of announcing the launch of the newsletter called fmd update, copies of which will be available tonight. the newsletter will also be available on the bank ’ s website. what has not changed and will not change is the importance of central bank interaction and communication with the markets, especially in light of the new views on the role of forward guidance in its various forms. forward guidance, in more formal or less formal ways, appears to have graduated from what was essentially a crisis - fighting instrument to now being advocated by some as part of the standard toolkit of central bankers, even in normal times. recent experience has shown how sensitive financial asset prices have become to changes in signals over future policy. we therefore continue to value our ongoing interaction with yourselves as market participants, as you are in essence part of our transmission mechanism of monetary policy. monetary policy divergence, the stronger us dollar, and global imbalances but let me get back to market issues and policy. one of the key trends observed over the last few quarters has been the steady appreciation of the us dollar against the backdrop of divergent monetary policies in advanced economies. at first glance, such a recovery in the us currency seems consistent with the improvement in us economic prospects. us gdp growth continues to outpace that of the eurozone and japan,