Banking and Finance Terms

Clearing

The exchange and processing of payment instructions between financial institutions before final settlement takes place.

Credit agreement

An agreement under which credit, a loan, deferred payment, or another regulated credit arrangement may be provided.

Credit bureau

An organisation that keeps and reports credit information used by lenders and other authorised users.

Credit provider

A person or institution that provides credit under a credit agreement.

Customer due diligence

Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.

Debt counsellor

A person registered with the National Credit Regulator to assist over-indebted consumers through the debt-review process.

FICA compliance

Compliance with South Africa's anti-money-laundering and counter-terrorist-financing requirements under FICA.

Financial services provider

A person or business authorised to provide certain financial advice or intermediary services.

National Payment System

South Africa's regulated framework for payment, clearing, and settlement between financial-system participants.

Payment settlement

The final discharge of payment obligations between participants after payment instructions have been cleared and settled through the relevant payment system.

Reckless credit

Credit that may have been granted without proper affordability checks or in circumstances restricted by the National Credit Act.

Suretyship

An undertaking where one person or entity agrees to be responsible for another person's debt or obligation if that person defaults.

Suspicious transaction report

A report made to the Financial Intelligence Centre when a transaction or activity appears suspicious or unusual under anti-money-laundering rules.

Treating Customers Fairly

An FSCA conduct standard and supervisory approach focused on fair outcomes for financial customers across the product life cycle.

Core definitions

Core terms in this track

Credit agreement

An agreement under which credit, a loan, deferred payment, or another regulated credit arrangement may be provided.

Credit bureau

An organisation that keeps and reports credit information used by lenders and other authorised users.

Credit provider

A person or institution that provides credit under a credit agreement.

Customer due diligence

Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.

FICA compliance

Compliance with South Africa's anti-money-laundering and counter-terrorist-financing requirements under FICA.

Financial services provider

A person or business authorised to provide certain financial advice or intermediary services.

Reckless credit

Credit that may have been granted without proper affordability checks or in circumstances restricted by the National Credit Act.

Suretyship

An undertaking where one person or entity agrees to be responsible for another person's debt or obligation if that person defaults.

Clearing

The exchange and processing of payment instructions between financial institutions before final settlement takes place.

Debt counsellor

A person registered with the National Credit Regulator to assist over-indebted consumers through the debt-review process.

National Payment System

South Africa's regulated framework for payment, clearing, and settlement between financial-system participants.

Payment settlement

The final discharge of payment obligations between participants after payment instructions have been cleared and settled through the relevant payment system.

Suspicious transaction report

A report made to the Financial Intelligence Centre when a transaction or activity appears suspicious or unusual under anti-money-laundering rules.

Treating Customers Fairly

An FSCA conduct standard and supervisory approach focused on fair outcomes for financial customers across the product life cycle.

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All terms

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Credit agreement

An agreement under which credit, a loan, deferred payment, or another regulated credit arrangement may be provided.

Credit bureau

An organisation that keeps and reports credit information used by lenders and other authorised users.

Credit provider

A person or institution that provides credit under a credit agreement.

Customer due diligence

Checks used to identify and understand a client, transaction, beneficial owner, or risk profile.

FICA compliance

Compliance with South Africa's anti-money-laundering and counter-terrorist-financing requirements under FICA.

Financial services provider

A person or business authorised to provide certain financial advice or intermediary services.

Reckless credit

Credit that may have been granted without proper affordability checks or in circumstances restricted by the National Credit Act.

Suretyship

An undertaking where one person or entity agrees to be responsible for another person's debt or obligation if that person defaults.

Clearing

The exchange and processing of payment instructions between financial institutions before final settlement takes place.

Debt counsellor

A person registered with the National Credit Regulator to assist over-indebted consumers through the debt-review process.

National Payment System

South Africa's regulated framework for payment, clearing, and settlement between financial-system participants.

Payment settlement

The final discharge of payment obligations between participants after payment instructions have been cleared and settled through the relevant payment system.

Suspicious transaction report

A report made to the Financial Intelligence Centre when a transaction or activity appears suspicious or unusual under anti-money-laundering rules.