What this document is
A reply from the South African Reserve Bank’s Financial Surveillance Department, dated 18 October 2022 under reference 2022-29892, authorising Money Doc (Pty) Ltd to transact in its capacity as a foreign exchange intermediary through the Authorised Dealer Bidvest Bank Limited. In exchange control practice this is a Treasury Outsourcing Company approval — the “TOC” of the document’s name.
It supersedes any exchange control authority previously granted to Money Doc relating to how it conducts business. Where Money Doc deals through a different Authorised Dealer, a copy of this reply must be given to that dealer, and the dealer must notify the Department.
The conditions it is granted on
These are the Reserve Bank’s own conditions, summarised. The signed original below is authoritative.
- Money Doc may not buy or sell foreign currency for its own account, and may not hold, borrow or lend foreign currency. A bona fide open position must be closed out immediately, settled by difference payment, and reported to the Department without undue delay.
- Money Doc acts only as intermediary, never as principal, matching a principal client with an Authorised Dealer, and must be properly mandated as the client’s agent before doing so.
- Every foreign exchange transaction is concluded and settled between the Authorised Dealer and the client. The client is principal at all times.
- Settlement runs through the client’s own bank account, not the Treasury Outsourcing Company’s.
- Cross-border reporting and documentary evidence are completed in the client’s name.
- Fees for Money Doc’s services are invoiced and settled in Rand and fully disclosed to the client.
- The Financial Intelligence Centre Act 38 of 2001 and the Financial Advisory and Intermediary Services Act 37 of 2002 apply in full.
- The Department may inspect Money Doc’s activities, records and management controls at any stage, and may impose further conditions.
What it does and does not establish
It establishes the exchange control authority under which Money Doc intermediates foreign exchange, and the Authorised Dealer it does so through. It is not an FSCA licence. Money Doc’s FSCA authorisation is a separate record: FSP 52081, listed on the FSCA’s public register of financial services providers.