LEGISLATION AND COMPLIANCE
Regulations, Risk Management Processes and Controls
Masthead is our 3rd party advisors, ensuring that our FSP compliance processes are up to date and in order.
For the payment gateway space we hold a System Operator license from PASA.
FiveWest holds a mandate from the SARB to facilitate international payments.
Fivewest is an authorized Financial Services Provider (51619). Licensed for long and short-term deposits and derivatives.
Risk Management Processes and Controls
We are also a regulated primary accountable institution with the FIC and hold a mandate from the SARB to facilitate international payments.
FiveWest also uses Masthead as their 3rd party advisors to ensure that their FSP compliance processes are up to date and in order. FiveWest and Masthead have a shared folder where all FiveWest's Risk Management and Controls processes can be accessed.
These processes are managed on a daily basis by 5 to 6 staff members.
Although it is not yet necessary for the services we provide, we are in the process of applying for an ODP license with the FSCA
1.
The Software Team has created proprietary software to facilitate the onboarding of individuals and/or corporate clients of Fivewest.
2.
Joshua Hewitson oversees the systems and third party support teams
3.
The Legal and Compliance Team review the documentation and information provided by clients and complete risk management profiles.
4.
FIC reporting is completed by Pierre van Helden and Omer Iqbal.
Compliance and internal controls scoring
FiveWest welcomes regulations to create a level playing field in which we can innovate with confidence. We feel that we can play an intergrel in helping to shape the regulations.
Merchant acquisition
Digital payment token
Domestic money transfer
Know your customer
Risk based approach
Sanction list screening
OFAC, PEP, MHA Restrictions, etc.
Suspicious activity report
Upon discovery of any suspicious activity
Transaction monitoring
Current / historical transaction patterns
State of the art controls keep your funds safe
Using blockchain transparency tools, we check to see where money comes from, abiding by the highest standards set by the FSCA and SARB.
Regulatory questions and answers
Our clients have many questions and considerations around how to manage fiat and crypto, from a regulatory point of view. Check out these important questions and answers provided by Deloitte.
Learn more about our stance on regulation by reading the full deloitte article.
Are crypto assets considered to be e-money in South Africa?
No, only registered South African banks are allowed to issue "e-money". This is clearly stipulated in the NPS Act 78 of 1998.
Is it legal to accept crypto assets as a form of payment (even if it is not legal tender)?
Are crypto assets viewed as foreign currency?
What legal recourse do I have if a crypto payment goes wrong?
Are non-residents permitted to sell their crypto assets in South Africa, for Rands?
Are crypto asset futures contracts sold by exchanges Contracts-for-Difference (CFDs)?
Is it true that crypto transactions are often used for illicit purposes?
What is the tax treatment of crypto payments?