| (1) |
Except in circumstances referred to in regulation 35, a bank must include in its SCV calculations qualifying depositor information for the following accounts, as applicable to the bank― |
| (b) |
formal beneficiary accounts; and |
| (c) |
informal beneficiary accounts. |
| (2) |
For the accounts referred to in subregulation (1), a bank must— |
| (a) |
include dormant accounts; and |
| (b) |
apply the coverage rules in accordance with these regulations. |
| (3) |
A bank must include the details specified by the Corporation for each account referred to in subregulation (1) when generating its SCV records and submit to the Corporation in the manner and form prescribed by the Corporation. |
| (4) |
A bank must differentiate between a qualifying depositor that is a natural person and a sole proprietor and include them as separate qualifying depositors in its SCV records. |
| (5) |
A bank must include each formal beneficiary account in its SCV calculations except when, on a monthly basis— |
| (a) |
a bank can identify every beneficiary to a formal beneficiary account and not one of the beneficiaries is a qualifying depositor; or |
| (b) |
a bank, based on information received from the holder of a formal beneficiary account, confirms that not one of the beneficiaries to a formal beneficiary account is a qualifying depositor. |
| (6) |
A bank must report a co-operative financial institution as an informal beneficiary account holder. |
| (a) |
collects and maintains the constitution document; and |
| (b) |
identifies and records details of the members and the balances due to each member for a reporting date in terms of the constitution document, |
for an informal beneficiary account holder, the bank must treat the account as a formal beneficiary account.
Gold Membership
