The FSCA head office in Pretoria. Photo: FSCA
Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana says banks should not close customer accounts purely on reputational grounds.
In a keynote address to an ethics conference hosted by the Banking Association of SA (BASA), Kamlana said banks should balance the need to prevent illicit financial activity with the moral obligation to ensure access to financial services.
“Banks should not simply cite reputational risk; reasons must be concrete and consistently applied to prevent what might appear as arbitrary account closures,” Kamlana said in a speech dated 17 April.
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