Balance of Payments User Guide Think Corporate … Corporate Banking. Think RMB. ... A. Updates to...

BopCUS 3 l 1

Think Corporate Banking. Think RMB.

Balance of Payments User Guide

What is BoPCUS?

Background 01

What is changing in BoPCUS 3

A. Updates to customer information 02

B. Changes to the BoP codes 03

C. Additional third party information required 04

BoPCUS Inflow Index 07

BoPCUS Outflow Index 27

Frequently asked questions 45

Index I BoPCUS 3 pg

BopCus Version 3

Balance of Payments Reporting (BoP Reporting for short) is an electronic message system used by Authorised Dealers (i.e. banks) to report cross-border transactions to the South African Reserve Bank (SARB). From 19 August 2013 there will be changes to the BoP reporting system. RMB employees assisting clients with cross-border transactions may be prompted to supply additional information or select new BoP codes to describe a client’s transaction. This guide summarises the changes that will be implemented.

01 l BopCUS 3

1. International trade and other international transactions result in a flow of funds between South Africa and other countries.

2. To control, monitor and limit this outflow and inflow of capital, Exchange controls (Excon) are implemented in South Africa and other countries. In SA, Excon is the responsibility of the Treasury, which has largely delegated this authority to the South African Reserve Bank (SARB).

3. The Balance of Payments (BoP) is a systematic record of all economic transactions between the residents of the reporting country (e.g. South Africa) and the rest of the world in a specific period (usually quarterly or yearly). The SARB is officially responsible for the compilation of South Africa's BoP statistics.

4. All transactions relating to the flow of goods, services and funds across national boundaries are recorded in the BoP of South Africa and the countries involved in the transaction or trade. This determines how much money is going in and out of a country.

5. Flows reflected in the BoP affect the total economy’s activities associated with production, generation and distribution of income, consumption, and accumulation activities e.g. credit and debit entries for goods and services in BoP accounts are equivalent to flows of exports and imports of goods and services.

6. These flows are reflected in the economy’s account for goods and services and consequently affect the measurement of gross domestic product (GDP) and its composition in terms of final demand components e.g. final consumption, gross capital formation, etc.

7. Data for these transactions are obtained from various sources, including the South African Revenue Service (SARS), government departments, public corporations, and the private banking sector.

What is BoPCUS?Background

From the Rulings

“The objective of the Reporting System is to ensure accurate and comprehensive reporting of all data by Authorised Dealers on cross-border transactions for compilation of:

− Balance of payments statistics by the Research Department of the South African Reserve Bank

− Foreign debt statistics and repayment profiles to support monetary policy decisions

− Statistical information relating to the nature, volume and values of the various cross-border flows and provide the appropriate information for economic and financial management decisions, as well as planning and policy formulation.”

Excerpt from SA Reserve Bank Rulings, Ruling J

What is changing in BoPCUS 3?

During the first phase of BoPCUS 3, the following changes will be implemented:

A. Updates to customer information

B. Changes to the BoP codes

C Third party information required*

*SA resident information will be required based on the relevant BoP code

A

B

C

BopCUS 3 l 02

Additional personal information fields are mandatory for the completion

of foreign exchange transactions.

Updates to clients’ information

Clients must provide additional information to the bank from 19 August 2013.

A

For example:

− A customer visits a branch to make an outward payment to pay for imported goods. While completing the transaction, the system will require additional information for the transaction to complete successfully.

− A customer wants to complete a MoneyGram transaction on a cellphone. The customer will receive an error message directing them to a branch to update their personal profile with the additional details like the province in which they reside. Thereafter the transaction can be completed.

The impact

− Relevant to all transactions. − Without the additional information, transaction will not be successful. − When completing transactions on systems like Karabo or Vantage, the system will prompt users to supply additional mandatory information.

− Customers may have to be redirected to a branch customer representative to update their personal / entity profile on Hogan.

From Entities:

− Trading name, if applicable − Institutional sector (The main institutional sector of each entity: Financial Corporate / Non-financial Corporate / general Government / Household such as partnerships, trusts and one man businesses)

− Industrial classification (The main production activity of each entity: Agriculture, Mining, Transport, Construction, etc.)

− Loan tenor and interest rate (in the case of repayment of foreign loans)

− Transport document number (in the case of the importation of goods)

− Sub BoP category* − Third party details* − Additional import related data**

From Individuals:

− Gender − Date of birth − Foreign ID number * − Tax clearance certificate reference (in the case of individual foreign investment allowances)

− Loan tenor and interest rate (in the case of foreign loans)

− Transport document number (in the case of the importation of goods)

− Sub BoP category* − Third party details*

*Where applicable**The SARB Import Verification System (IVS) is used by the bank to authenticate customs notification by the importer

03 l BopCUS 3

The BoP Code informs the SARB of the type of payment the client is making or receiving. The client is fully accountable for supplying the correct and accurate BoP Category

or transaction description.

Changes to the BoP codes

The codes that are used to report the nature of foreign exchange transactions will change.

B

The impact

− Relevant to all transactions − When completing a transaction, the system will provide a list of the new BoP codes.

Select the new code from the list that corresponds to the reason for the transaction. − Using the old, familiar codes will result in incorrect reporting to the SARB.

− Current category for gift payments is: 501 − As from 19 August 2013, the BoP Category for gifts will be: 401

For example:

For example:

− Current category for freight payments is: 301

− As from 19 August 2013, the BoP Categories for freight will be as follows:

Payment for passenger services- road 270/01

Payment for passenger services- rail 270/02

Payment for passenger services- sea 270/03

Payment for passenger services- air 270/04

Payment for freight services- road 271/01

Payment for freight services- rail 271/02

Payment for freight services- sea 271/03

Payment for freight services- air 271/04

Categories are completely different

Sub-categories are applicable in some instances

BOP2

3

BopCUS 3 l 04

Third party transactions are transactions made by an RMB account holder, on behalf of another

person or entity, who is not the holder of the transacting account.

Additional information required when doing a transaction on behalf of another party (third party)

When doing a foreign exchange transaction on behalf of a third party, a customer is required to provide information about the third party.

C

The impact

− Relevant only to certain transactions. − When customers do transactions on behalf of other parties, select the option on the system and complete the additional information required as prompted by the system.

− Third party information is mandatory for certain BoP codes, but can be captured for other codes.

For example:

− Where the father is paying for the travel on behalf of a family, the details of the wife and children must be provided as third party details.

− Where an agent is making an import or export payment on behalf of various South African entities, details of the entities must be provided.

− Where the financial institution is making payment in respect of foreign investments of various SA parties, the details of the SA parties must be supplied.

05 l BopCus 3

Index I Inflow pg

A Merchandise

Transaction adjustments 07

Exports: Advance payments 07

Exports 07

Exports: Other 08

B Intellectual property and other services


Charges for the use of intellectual property 10

Disposal of intellectual property (Excluding computer related and audiovisual)

10

Research and Development 10

Audiovisual and related items 10

Computer software and related items 11

Technical related services 11

Travel services for non-residents 12

Travel services for residents 12

Travel services in respect of third parties 12

Telecommunication and information services 12

Financial services 13

Construction services 13

Government services 13

Study related services 13

Other business services rendered 13

C Transactions relating to income and yields on financial assets


Income receipts 14

D Transfers of a current nature


Current payments 16

BopCus 3 l 06

E Transfers of a capital nature

Capital transfers and immigrants


Capital transfers relating to government / corporate entities (excluding loans)

18

Capital transfers by non-resident individuals 18

Disinvestment of capital 18

Capital transfers by South African resident individuals

Disinvestment of capital to a resident Foreign Currency Account 20

Disinvestment of capital 20

Immigrants 20

Financial investments / disinvestments and prudential investments


Financial investments / disinvestments (excluding local institutional investors)

20

Investment by a non-resident 20

Disinvestment by a resident corporate entity 20

Inward listed investments 21

Prudential investments (institutional investors and banks) 21

Derivatives


Derivatives (excluding inward listed) 22

F Loan and miscellaneous payments


Loans (capital portion) 24

Loans granted to residents 24

Loans repaid by resident temporarily abroad 24

Loans repaid by non-residents 24

Miscellaneous payments 24

07 l BopCUS 3

Inflow

A. Merchandise

Description BoPCUS 3 Sub-Cat BoPCUS 2

Transaction adjustments

Adjustments / Reversals / Refunds applicable to merchandise 100 100 / 950

Exports: Advance payments

Export advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods exported via the South African Post Office)

101 01 101

Export advance payment - capital goods 101 02 101

Export advance payment - gold 101 03 101

Export advance payment - platinum 101 04 101

Export advance payment - crude oil 101 05 101

Export advance payment - refined petroleum products 101 06 101

Export advance payment - diamonds 101 07 101

Export advance payment - steel 101 08 101

Export advance payment - coal 101 09 101

Export advance payment - iron ore 101 10 101

Export advance payment - goods exported via the South African Post Office

101 11 101

Exports

Export payments (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods exported via the South African Post Office)

103 01 102 / 103

Export payment - capital goods 103 02 102 / 103

Export payment - gold 103 03 201

Export payment - platinum 103 04 102 / 103

Export payment - crude oil 103 05 102 / 103

Export payment - refined petroleum products 103 06 102 / 103

Export payment - diamonds 103 07 114

Export payment - steel 103 08 102 / 103

Export payment - coal 103 09 102 / 103

Export payment - iron ore 103 10 102 / 103

BopCUS 3 l 08


Export payment - goods exported via the South African Post Office

103 11 113

Exports: Other

Consumables acquired in port 105 105

Trade finance repayments in respect of exports 106 407

Export proceeds where the Customs value of the shipment is less than R500

107 112

Export payments where goods were declared as part of passenger baggage and no UCR is available

108 102 / 103 / 112

Proceeds for goods purchased by non-residents where no physical export will take place, excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore as well as merchanting transactions

109 01 116

Proceeds for gold purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 02 116

Proceeds for platinum purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 03 116

Proceeds for crude oil purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 04 116

Proceeds for refined petroleum purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 05 116

Proceeds for diamonds purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 06 116

Proceeds for steel purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 07 116

Proceeds for coal purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 08 116

Proceeds for iron ore purchased by non-residents where no physical export will take place, excluding merchanting transactions

109 09 116

Merchanting transaction 110 315

09 l BopCUS 3

BopCUS 3 l 10

B. Intellectual property and other services



Adjustments / Reversals / Refunds applicable to intellectual property and service related items

200 902 / 950

Charges for the use of intellectual property

Rights assigned for licenses to reproduce and/or distribute 201 312 / 313 / 605

Rights assigned for using patents and inventions (licensing) 202 312 / 605

Rights assigned for using patterns and designs (including industrial processes)

203 312

Rights assigned for using copyrights 204 312 / 313 / 605

Rights assigned for using franchises and trademarks 205 605

Disposal of intellectual property (excluding computer related and audiovisual)

Disposal of patents and inventions 210 312 / 605

Disposal of patterns and designs (including industrial processes) 211 312 / 605

Disposal of copyrights 212 312 / 313 / 605

Disposal of franchises and trademarks 213 312/ 605

Research and development

Proceeds received for research and development services 220 319

Funding received for research and development 221 504

Audiovisual and related items

Sales of original manuscripts, sound recordings and films 225 323

Receipt of funds relating to the production of motion pictures, radio and television programs and musical recordings

226 323

11 l BopCUS 3


Computer software and related items

The outright selling of ownership rights of software 230 111 / 112 312 605

Computer-related services including maintenance, repair and consultancy

231 104 / 312 / 319

Commercial sales of customised software and related licences for use by customers

232 101 / 102 / 103 / 112 / 113 / 312

Commercial sales of non-customised software on physical media with periodic licence to use

233 101 / 102 / 103 / 112 / 113 / 312

Commercial sales of non-customised software provided on physical media with right to perpetual (ongoing) use

234 101 / 102 / 103 / 112 / 113 / 312

Commercial sales of non-customised software provided for downloading or electronically made available with periodic licence

235 111 / 312

Commercial sales of non-customised software provided for downloading or electronically made available with single payment

236 111 / 312

Technical related services

Fees for processing - processing done on materials (excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore)

240 01 320 / 321

Fees for processing - processing done on gold 240 02 321

Fees for processing - processing done on platinum 240 03 321

Fees for processing - processing done on crude oil 240 04 321

Fees for processing - processing done on refined petroleum products

240 05 321

Fees for processing - processing done on diamonds 240 06 321

Fees for processing - processing done on steel 240 07 321

Fees for processing - processing done on coal 240 08 321

Fees for processing - processing done on iron ore 240 09 321

Repairs and maintenance on machinery and equipment 241 104

Architectural, engineering and other technical services 242 320

Agricultural, mining, waste treatment and depollution services 243 321

BopCUS 3 l 12


Travel services for non-residents

Travel services for non-residents - business travel 250 253

Travel services for non-residents - holiday travel 251 254

Foreign exchange accepted by residents from non-residents 252 255

Travel services for residents

Travel services for residents - business travel 255 303

Travel services for residents - holiday travel 256 304

Travel services in respect of third parties

Proceeds for travel services in respect of third parties - business travel

260 260

Proceeds for travel services in respect of third parties - holiday travel

261 260

Telecommunication and information services

Proceeds for telecommunication services 265 307

Proceeds for information services including data, news-related and news agency fees

266 313 / 314

Transportation services

Proceeds for passenger services - road 270 01 302

Proceeds for passenger services - rail 270 02 302

Proceeds for passenger services - sea 270 03 302

Proceeds for passenger services - air 270 04 302

Proceeds for freight services - road 271 01 301

Proceeds for freight services - rail 271 02 301

Proceeds for freight services - sea 271 03 301

Proceeds for freight services - air 271 04 301

Proceeds for other transport services - road 272 01 301 / 308

Proceeds for other transport services - rail 272 02 301 / 308

Proceeds for other transport services - sea 272 03 301 / 308

Proceeds for other transport services - air 272 04 301 / 308

Proceeds for postal and courier services - road 273 01 308

Proceeds for postal and courier services - rail 273 02 308

13 l BopCUS 3


Proceeds for postal and courier services - sea 273 03 308

Proceeds for postal and courier services - air 273 04 308

Financial services provided

Commission and fees 275 311

Proceeds for financial services charged and advice provided 276 311

Construction services

Proceeds for construction services 280 309

Government services

Proceeds for government services 281 325 / 901

Diplomatic transfers 282 325

Study related services

Tuition fees 285 305

Other business services rendered

Proceeds for legal services 287 317

Proceeds for accounting services 288 317

Proceeds for management consulting services 289 317

Proceeds for public relation services 290 317

Proceeds for advertising and market research services 291 318

Proceeds for managerial services 292 317

Proceeds for medical and dental services 293 326

Proceeds for educational services 294 319

Operational leasing 295 316

Proceeds for cultural and recreational services 296 324

Proceeds for other business services not included elsewhere 297 901

BopCUS 3 l 14

C. Transactions relating to income and yields on financial assets



Adjustments / Reversals / Refunds related to income and yields on financial assets

300 902 / 950

Income receipts

Dividends 301 401

Branch profits 302 403

Compensation paid by a non-resident to a resident employee temporarily abroad (excluding remittances)

303 404

Compensation paid by a non-resident to a non-resident employee in South Africa (excluding remittances)

304 404

Compensation paid by a non-resident to a migrant worker employee (excluding remittances)

305 404

Compensation paid by a non-resident to a foreign national contract worker employee (excluding remittances)

306 404

Commission or brokerage 307 405

Rental 308 406

Interest received from a resident temporarily abroad in respect of loans

309 01 407

Interest received from a non-resident in respect of individual loans 309 02 407

Interest received from a non-resident in respect of study loans 309 03 407

Interest received from a non-resident in respect of shareholders loans

309 04 407

Interest received from a non-resident in respect of third party loans

309 05 407

Interest received from a non-resident in respect of trade finance loans

309 06 407

Interest received from a non-resident in respect of a bond 309 07 407

Interest received not in respect of loans 309 08 402

Income in respect of inward listed securities equity individual 310 01 408

Income in respect of inward listed securities equity corporate 310 02 408

Income in respect of inward listed securities equity bank 310 03 408

15 l BopCUS 3


Income in respect of inward listed securities equity institution 310 04 408

Income in respect of inward listed securities debt individual 311 01 408

Income in respect of inward listed securities debt corporate 311 02 408

Income in respect of inward listed securities debt bank 311 03 408

Income in respect of inward listed securities debt institution 311 04 408

Income in respect of inward listed securities derivatives individual 312 01 408

Income in respect of inward listed securities derivatives corporate 312 02 408

Income in respect of inward listed securities derivatives bank 312 03 408

Income in respect of inward listed securities derivatives institution 312 04 408

Income earned abroad by a resident on an individual investment 313 402

BopCUS 3 l 16

D. Transfers of a current nature



Adjustments / Reversals / Refunds related to transfers of a current nature

400 902 / 950

Current payments

Gifts 401 501

Annual contributions 402 502

Contributions in respect of social security schemes 403 503

Contributions in respect of charitable, religious and cultural (excluding research and development)

404 504

Other donations / aid to Government (excluding research and development)

405 501

Other donations / aid to private sector (excluding research and development)

406 501

Pensions 407 505

Annuities (pension-related) 408 506

Inheritances 409 508

Alimony 410 509

Tax - Income Tax 411 01 510

Tax - VAT Refunds 411 02 510

Tax - Other 411 03 510 / 604

Insurance premiums (non life / short term) 412 511

Insurance claims (non life / short term) 413 512

Insurance premiums (life) 414 310

Insurance claims (life) 415 310

Migrant worker remittances (excluding compensation) 416 404

Foreign national contract worker remittances (excluding compensation)

417 404

17 l BopCUS 3

BopCUS 3 l 18

E. Transfers of a capital nature




Adjustments / Reversals / Refunds related to capital transfers and immigrants

500 902 / 950


Donations to SA Government for fixed assets 501 601

Donations to corporate entities - fixed assets 502 603

Investment into property by a non-resident corporate entity 503 602

Disinvestment of property by a resident corporate entity 504 602

Capital transfers by non-resident individuals

Investment into property by a non-resident individual 510 01 602

Investment by a non-resident individual - other 510 02 602

Disinvestment of capital (Note: Categories 511/01 to 511/07 above are preferred to the of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)

Disinvestment of capital by a resident individual - Shares 511 01 602

Disinvestment of capital by a resident individual - Bonds 511 02 602

Disinvestment of capital by a resident individual - Money market instruments

511 03 602

Disinvestment of capital by a resident individual - Deposits with a foreign bank

511 04 602

Disinvestment of capital by a resident individual - Mutual funds / collective investment schemes

511 05 602

Disinvestment of capital by a resident individual - Property 511 06 602

Disinvestment of capital by a resident individual - Other 511 07 602

19 l BopCUS 3


Disinvestment of capital to a resident Foreign Currency Account (Note: Categories 511/01 to 511/07 above are preferred to the use of categories 514/01 to 514/07, which will be discontinued in future)

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Shares

514 01 602

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Bonds

514 02 602

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Money Market Instruments

514 03 602

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Withdrawal from a foreign bank account

514 04 602

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Mutual funds / collective investment schemes

514 05 602

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Property

514 06 602

Disinvestment of capital by a resident individual in respect of cross-border flows originating from a foreign source into a foreign currency account held at an Authorised Dealer in South Africa - Other

514 07 602

Disinvestment of capital (Note: Categories 511/01 to 511/07 above are preferred to the of use categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)

Disinvestment of capital repatriated in respect of an individual investment - Shares

515 01 602

Disinvestment of capital repatriated in respect of an individual investment - Bonds

515 02 602

Disinvestment of capital repatriated in respect of an individual investment - Money market Instruments

515 03 602

Disinvestment of capital repatriated in respect of an individual investment - Deposits with a foreign bank

515 04 602

BopCUS 3 l 20


Disinvestment of capital repatriated in respect of an individual investment - Mutual funds / collective investment schemes

515 05 602

Disinvestment of capital repatriated in respect of an individual investment - Property

515 06 602

Disinvestment of capital repatriated in respect of an individual investment - Other

515 07 602

Repatriation of capital, on instruction by the Financial Surveillance Department, of a foreign investment by a resident individual in respect of cross-border flows

516 606

Repatriation of capital, on instruction by the Financial Surveillance Department, of a foreign investment by a resident individual originating from an account conducted in foreign currency held at an Authorised Dealer in South Africa

517 607

Immigrants

Immigration 530 01 609


Adjustments / Reversals / Refunds related to financial investments / Disinvestments and Prudential investments

600 902 / 950

Financial investments / disinvestments (excluding local institutional investors)

Investment by a non-resident

Investment in listed shares by a non-resident 601 01 701

Investment in non-listed shares by a non-resident

601 02 701

Investment into money market instruments by a non-resident 602 703

Investment into listed bonds by a non-resident (excluding loans) 603 01 702

Investment into non-listed bonds by a non-resident (excluding loans)

603 02 702

Disinvestment by a resident corporate entity

Disinvestment of shares by a resident - Agricultural, hunting, forestry and fishing

605 01 701

Disinvestment of shares by a resident - Mining, quarrying and exploration

605 02 701

Disinvestment of shares by a resident - Manufacturing 605 03 701

21 l BopCUS 3


Disinvestment of shares by a resident - Electricity, gas and water supply

605 04 701

Disinvestment of shares by a resident - Construction 605 05 701

Disinvestment of shares by a resident - Wholesale, retail, repairs, hotel and restaurants

605 06 701

Disinvestment of shares by a resident - Transport and communication

605 07 701

Disinvestment of shares by a resident - Financial services 605 08 701

Disinvestment of shares by a resident - Community, social and personal services

605 09 701

Inward listed investments

Inward listed securities equity individual buy back 610 01 706

Inward listed securities equity corporate buy back 610 02 706

Inward listed securities equity bank buy back 610 03 706

Inward listed securities equity institution buy back 610 04 706

Inward listed securities debt individual redemption 611 01 706

Inward listed securities debt corporate redemption 611 02 706

Inward listed securities debt bank redemption 611 03 706

Inward listed securities debt institution redemption 611 04 706

Inward listed securities derivatives individual proceeds 612 01 706

Inward listed securities derivatives corporate proceeds 612 02 706

Inward listed securities derivatives bank proceeds 612 03 706

Inward listed securities derivatives institution proceeds 612 04 706

Prudential investments (Institutional Investors and Banks)

Disinvestment by resident institutional investor - Asset Manager 615 01 704

Disinvestment by resident institutional investor - Collective Investment Scheme

615 02 704

Disinvestment by resident institutional investor - Retirement Fund 615 03 704

BopCUS 3 l 22


Disinvestment by resident institutional investor - Life Linked 615 04 704

Disinvestment by resident institutional investor - Life Non-Linked 615 05 704

Bank prudential disinvestment 616 705

Not allocated 617

Not allocated 618

Derivatives


Adjustments / Reversals / Refunds related to derivatives 700 902 / 950

Derivatives (excluding inward listed)

Options - listed 701 01 804

Options - unlisted 701 02 804

Futures - listed 702 01 805

Futures - unlisted 702 02 805

Warrants - listed 703 01 806

Warrants - unlisted 703 02 806

Gold hedging - listed 704 01 202

Gold hedging - unlisted 704 02 202

Derivative not specified above - listed 705 01 202 / 804 / 805 / 806 / 901

Derivative not specified above - unlisted 705 02 202 / 804 / 805 / 806 / 901

23 l BopCUS 3

BopCUS 3 l 24

F. Loan and miscellaneous payments


Loans (Capital portion)

Loans granted to residents

Trade finance loan drawn down in South Africa 801 999

International Bond drawn down 802 999

Loan made to a resident by a non-resident shareholder 803 999

Loan made to a resident by a non-resident third party 804 999

Loans repaid by residents temporarily abroad

Repayment by a resident temporarily abroad of a loan granted by a resident

810 306 / 901 / 998

Loans repaid by non-residents

Repayment of individual loan to a resident 815 998

Repayment of a study loan to a resident 816 306 / 998

Repayment of a shareholders loan to a resident 817 998

Repayment of a third party loan to a resident (excluding shareholders)

818 998

Repayment of a trade finance loan to a resident 819 998

Miscellaneous payments

Details of payments not classified 830 901

Rand drafts/cheques drawn on vostro accounts (Only applicable if no description is available)

832 904

Credit/Debit card company settlement as well as money remitter settlements

833 901

25 l BopCus 3

Index I Outflow pg

A Merchandise


Imports: Advance payments not in terms of import undertaking 27

Imports: Advance payments in terms of import undertaking 27

Imports: Excluding advance payments and not in terms of import undertaking 28

Imports: Excluding advance payments but in terms of import undertaking 28

Imports: Other 29

B Intellectual property and other services


Charges for the use of intellectual property 30

Acquisition of intellectual property (excluding computer related and audiovisual)

30

Research and development 30

Audiovisual and related items 30

Computer software and related items 31

Technical related services 31

Travel services for non-residents 31

Travel services for residents 31

Travel services in respect of third parties 32

Telecommunication and information services 32

Transportation services 32

Financial services obtained 32

Construction service 32

Government services 33

Study related services 33

Other business services 33

C Transactions relating to income and yields on financial assets


Income payments 34

BopCus 3 l 26

D Transfers of a current nature


Current payments 36

E Transfers of a capital nature




38

Capital transfers by non-resident individuals 38


Investment not related to the investment allowance 38

Investment in terms of investment allowance 39

Investment from a resident Foreign Currency Account 40

Re-transfer of capital repatriated 40

Immigrants 40

Financial investments / disinvestments and prudential investments


Disinvestment by a non-resident 41

Investment by a resident corporate entity 41

Inward listed investments 42

Prudential investments (Institutional Investors and Banks) 42

Derivatives


Derivatives (excluding inward listed) 43

F Loan and miscellaneous payments


Loans (capital portion) 44

Loan repayments by residents 44

Loans granted to residents temporarily abroad 44

Loans granted to non-residents 44

Miscellaneous payments 44

27 l BopCUS 3

Outflow

. A. Merchandise



Adjustments / Reversals / Refunds applicable to merchandise 100 100 / 950

Imports: Advance payments (not in terms of import undertaking)

Import advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)

101 01 101

Import advance payment - capital goods 101 02 101

Import advance payment - gold 101 03 101

Import advance payment - platinum 101 04 101

Import advance payment - crude oil 101 05 101

Import advance payment - refined petroleum products 101 06 101

Import advance payment - diamonds 101 07 101

Import advance payment - steel 101 08 101

Import advance payment - coal 101 09 101

Import advance payment - iron ore 101 10 101

Import advance payment - goods imported via the South African Post Office

101 11 101

Imports: Advance payments (in terms of import undertaking)

Import advance payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)

102 01 108

Import advance payment - capital goods 102 02 108

Import advance payment - gold 102 03 108

Import advance payment - platinum 102 04 108

Import advance payment - crude oil 102 05 108

Import advance payment - refined petroleum products 102 06 108

Import advance payment - diamonds 102 07 115

Import advance payment - steel 102 08 108

Import advance payment - coal 102 09 108

BopCUS 3 l 28

Description BoPCUS 3 Sub- Cat BoPCUS 2

Import advance payment - iron ore 102 10 108

Import advance payment - goods imported via the South African Post Office

102 11 108

Imports: Excluding advance payments and not in terms of import undertaking

Import payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)

103 01 102 / 103

Import payment - capital goods 103 02 102 / 103

Import payment - gold 103 03 201

Import payment - platinum 103 04 102 / 103

Import payment - crude oil 103 05 102 / 103

Import payment - refined petroleum products 103 06 102 / 103

Import payment - diamonds 103 07 114

Import payment - steel 103 08 102 / 103

Import payment - coal 103 09 102 / 103

Import payment - iron ore 103 10 102 / 103

Import payment - goods imported via the South African Post Office

103 11 113

Imports: Excluding advance payments but in terms of import undertaking

Import payment (excluding capital goods, gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal, iron ore and goods imported via the South African Post Office)

104 01 109 / 110

Import payment - capital goods 104 02 109 / 110

Import payment - gold 104 03 203

Import payment - platinum 104 04 109 / 110

Import payment - crude oil 104 05 109 / 110

Import payment - refined petroleum products 104 06 109 / 110

Import payment - diamonds 104 07 115

Import payment - steel 104 08 109 / 110

Import payment - coal 104 09 109 / 110

Import payment - iron ore 104 10 109 / 110

Import payment - goods imported via the South African Post Office

104 11 109 / 110

29 l BopCUS 3

Description BoPCUS 3 Sub- Cat BoPCUS 2

Imports: Other

Consumables acquired in port 105 105

Repayment of trade finance for imports 106 107

Import payments where the customs value of the shipment is less than R500

107 112

Import payments where goods were declared as part of passenger baggage and no MRN is available

108 102 / 103 / 112

Payments for goods purchased from non-residents in cases where no physical import will take place, excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore as well as merchanting transactions

109 01 116

Payments for gold purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 02 116

Payments for platinum purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 03

Payments for crude oil purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 04 116

Payments for refined petroleum products purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 05 116

Payments for diamonds purchases from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 06 116

Payments for steel purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 07 116

Payments for coal purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 08 116

Payments for iron ore purchased from non-residents in cases where no physical import will take place, excluding merchanting transactions

109 09 116

Merchanting Transaction 110 315

BopCUS 3 l 30

B. Intellectual property and other services



Adjustments / Reversals / Refunds applicable to intellectual property and service related items

200 902 / 950

Charges for the use of intellectual property

Rights obtained for licences to reproduce and/or distribute 201 312 / 313 / 605

Rights obtained for using patents and inventions (licencing) 202 312 / 605

Rights obtained for using patterns and designs (including industrial processes)

203 312

Rights obtained for using copyrights 204 312 / 313 / 605

Rights obtained for using franchises and trademarks 205 605

Acquisition of intellectual property (excluding computer related and audiovisual)

Acquisition of patents and inventions 210 312 / 605

Acquisition of patterns and designs (including industrial processes)

211 312 / 605

Acquisition of copyrights 212 312 / 313 / 605

Acquisition of franchises and trademarks 213 312 / 605

Research and development

Payments for research and development services 220 319

Funding for research and development 221 504

Audiovisual and related items

Acquisition of original manuscripts, sound recordings and films 225 323

Payment relating to the production of motion pictures, radio and television programs and musical recordings

226 323

31 l BopCUS 3


Computer software and related items

The outright purchasing of ownership rights of software 230 111 / 112 / 312 / 605

Computer-related services including maintenance, repair and consultancy

231 104 / 312 / 319

Commercial purchases of customised software and related licences to use

232 101 / 102 / 103 / 112 / 113 / 312

Commercial purchases of non-customised software provided on physical media with right to perpetual (ongoing) use

234 101 / 102 / 103 / 112 / 113 / 312

Commercial purchases of non-customised software downloaded or electronically acquired with periodic licence

235 111 / 312

Commercial purchases of non-customised software downloaded or electronically acquired with single payment

236 111 / 312

Technical related services

Fees for processing - processing done on materials (excluding gold, platinum, crude oil, refined petroleum products, diamonds, steel, coal and iron ore)

240 01 320 / 321

Fees for processing - processing done on gold 240 02 321

Fees for processing - processing done on platinum 240 03 321

Fees for processing - processing done on crude oil 240 04 321

Fees for processing - processing done on refined petroleum products

05 321

Fees for processing - processing done on diamonds 240 06 321

Fees for processing - processing done on steel 240 07 321

Fees for processing - processing done on coal 240 08 321

Fees for processing - processing done on iron ore 240 09 321

Repairs and maintenance on machinery and equipment 241 104

Architectural, engineering and other technical services 242 320

Agricultural, mining, waste treatment and depollution services 243 321

Travel services for non-residents

Travel services for non-residents - business travel 250 253

Travel services for non-residents - holiday travel 251 254

Travel services for residents

Travel services for residents - business travel 255 303

Travel services for residents - holiday travel 256 304

BopCUS 3 l 32


Travel services in respect of third parties

Payment for travel services in respect of third parties - business travel

260 260

Payment for travel services in respect of third parties - holiday travel

261 260

Telecommunication and information services

Payment for telecommunication-services 265 307

Payment for information services including data, news related and news agency fees

266 313 / 314

Transportation services

Payment for passenger services - road 270 01 302

Payment for passenger services - rail 270 02 302

Payment for passenger services - sea 270 03 302

Payment for passenger services - air 270 04 302

Payment for freight services - road 271 01 301

Payment for freight services - rail 271 02 301

Payment for freight services - sea 271 03 301

Payment for freight services - air 271 04 301

Payment for other transport services - road 272 01 301 / 308

Payment for other transport services - rail 272 02 301 / 308

Payment for other transport services - sea 272 03 301 / 308

Payment for other transport services - air 272 04 301 / 308

Payment for postal and courier services - road 273 01 308

Payment for postal and courier services - rail 273 02 308

Payment for postal and courier services - sea 273 03 308

Payment for postal and courier services - air 273 04 308

Financial services obtained

Commission and fees 275 311

Financial service fees charged for advice provided 276 311

Construction services

Payment for construction services 280 309

33 l BopCUS 3


Government services

Payment for government services 281 325 / 901

Diplomatic transfers 282 325

Study related services

Tuition fees 285 305

Other business services obtained

Payment for legal services 287 317

Payment for accounting services 288 317

Payment for management consulting services 289 317

Payment for public relation services 290 317

Payment for advertising and market research services 291 318

Payment for managerial services 292 317

Payment for medical and dental services 293 326

Payment for educational services 294 319

Operational leasing 295 316

Payment for cultural and recreational services 296 324

Payment for other business services not included elsewhere 297 901

BopCUS 3 l 34

C. Transactions relating to income and yields on financial assets



Adjustments / Reversals / Refunds related to income and yields on financial assets

300 902 / 950

Income payments

Dividends 301 401

Branch profits 302 403

Compensation paid by a resident to a resident employee temporarily abroad (excluding remittances)

303 404

Compensation paid by a resident to a non-resident employee (excluding remittances)

304 404

Compensation paid by a resident to a migrant worker employee (excluding remittances)

305 404

Compensation paid by a resident to a foreign national contract worker employee (excluding remittances)

306 404

Commission or brokerage 307 405

Rental 308 406

Interest paid to a non-resident in respect of shareholders loans 309 04 407

Interest paid to a non-resident in respect of third party loans 309 05 407

Interest paid to a non-resident in respect of trade finance loans 309 06 407

Interest paid to a non-resident in respect of a bond 309 07 407

Interest paid not in respect of loans 309 08 402

Fee in respect of inward listed securities derivatives individual 312 01 311

Fee in respect of inward listed securities derivatives corporate 312 02 311

Fee in respect of inward listed securities derivatives bank 312 03 311

Fee in respect of inward listed securities derivatives institution 312 04 311

35 l BopCUS 3

BopCUS 3 l 36

D. Transfers of a current nature



Adjustments / Reversals / Refunds related to transfers of a current nature

400 902 / 950

Current payments

Gifts 401 501

Annual contributions 402 502

Contributions in respect of social security schemes 403 503

Contributions in respect of foreign charitable, religious and cultural (excluding research and development)

404 504

Other donations / aid to a foreign Government (excluding research and development)

405 501

Other donations / aid to a foreign private sector (excluding research and development)

406 501

Pensions 407 505

Annuities (pension related) 408 506

Inheritances 409 508

Alimony 410 509

Tax - Income Tax 411 01 510

Tax - VAT Refunds 411 02 510

Tax - Other 411 03 510 / 604

Insurance premiums (non life / short term) 412 511

Insurance claims (non life / short term) 413 512

Insurance premiums (life) 414 310

Insurance claims (life) 415 310

Migrant worker remittances (excluding compensation) 416 404

Foreign national contract worker remittances (excluding compensation)

417 404

37 l BopCUS 3

BopCUS 3 l 38

E. Transfers of a capital nature


Capital transfers and emigrants


Adjustments / Reversals / Refunds related to capital transfers and emigrants

500 902 / 950


Donations by SA Government fixed assets 501 601

Donations by corporate entities – fixed assets 502 603

Disinvestment of property by a non-resident corporate entity 503 602

Investment into property by a resident corporate entity 504 602

Capital transfers by non-resident individuals

Disinvestment of property by a non-resident individual 510 01 602

Disinvestment by a non-resident individual - other 510 02 602


Investment not related to the investment allowance (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)

Investment by a resident individual not related to the investment allowance - Shares

511 01 602

Investment by a resident individual not related to the investment allowance - Bonds

511 02 602

Investment by a resident individual not related to the investment allowance - Money market instruments

511 03 602

Investment by a resident individual not related to the investment allowance - Deposits with a foreign bank

511 04 602

Investment by a resident individual not related to the investment allowance - Mutual funds / collective investment schemes

511 05 602

Investment by a resident individual not related to the investment allowance - Property

511 06 602

Investment by a resident individual not related to the investment allowance - Other

511 07 602

39 l BopCUS 3


Investment in terms of investment allowance

Foreign investment by a resident individual in respect of the investment allowance - Shares

512 01 606

Foreign investment by a resident individual in respect of the investment allowance - Bonds

512 02 606

Foreign investment by a resident individual in respect of the investment allowance - Money market instruments

512 03 606

Foreign investment by a resident individual in respect of the investment allowance - Deposits with a foreign bank

512 04 606

Foreign investment by a resident individual in respect of the investment allowance - Mutual funds / collective investment schemes

512 05 606

Foreign investment by a resident individual in respect of the investment allowance - Property

512 06 606

Foreign investment by a resident individual in respect of the investment allowance - Other

512 07 606

Investment by a resident individual originating from a local source into an account conducted in foreign currency held at an Authorised Dealer in South Africa

513 607

Investment from a resident Foreign Currency Account (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)

Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Shares

514 01 608

Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Bonds

514 02 608

Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Money market instruments

514 03 608

Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Deposit into a foreign bank account

514 04 608

Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Mutual funds / collective investment schemes

514 05 608

Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Property

514 06 608

BopCUS 3 l 40


Foreign investment by a resident individual in respect of cross-border flows originating from a foreign currency account held at an Authorised Dealer in South Africa - Other

514 07 608

Re-transfer of capital repatriated (Note: Categories 511/01 to 511/07 are preferred to the use of categories 514/01 to 514/07 and 515/01 to 515/07, which will be discontinued in future)

Re-transfer of capital repatriated in respect of an individual investment - Shares

515 01 602

Re-transfer of capital repatriated in respect of an individual investment - Bonds

515 02 602

Re-transfer of capital repatriated in respect of an individual investment - Money market Instruments

515 03 602

Re-transfer of capital repatriated in respect of an individual investment - Deposit with a foreign bank

515 04 602

Re-transfer of capital repatriated in respect of an individual investment - Mutual funds / collective investment schemes

515 05 602

Re-transfer of capital repatriated in respect of an individual investment - Property

515 06 602

Re-transfer of capital repatriated in respect of an individual investment - Other

515 07 602

Emigrants

Emigration foreign capital allowance - Fixed property 530 01 609

Emigration foreign capital allowance - Listed investments 530 02 609

Emigration foreign capital allowance - Unlisted investments 530 03 609

Emigration foreign capital allowance - Insurance policies 530 04 609

Emigration foreign capital allowance - Cash 530 05 609

Emigration foreign capital allowance - Debtors 530 06 609

Emigration foreign capital allowance - Capital distribution from trusts

530 07 609

Emigration foreign capital allowance - Other assets 530 08 609

41 l BopCUS 3


Financial investments /disinvestments and prudential investments


Adjustments / Reversals / Refunds related to financial investments / disinvestments and prudential investments

600 902 / 950

Financial investments / disinvestments (excluding institutional investors)

Disinvestment by a non-resident

Listed shares - sale proceeds paid to a non-resident 601 01 701

Non-listed shares - sale proceeds paid to a non-resident 601 02 701

Disinvestment of money market instruments by a non-resident 602 703

Disinvestment of listed bonds by a non-resident (excluding loans) 603 01 702

Disinvestment of non-listed bonds by a non-resident (excluding loans)

603 02 702

Investment by a resident corporate entity

Investment into shares by a resident entity - Agricultural, hunting, forestry and fishing

605 01 701

Investment into shares by a resident entity - Mining, quarrying and exploration

605 02 701

Investment into shares by a resident entity - Manufacturing 605 03 701

Investment into shares by a resident entity - Electricity, gas and water supply

605 04 701

Investment into shares by a resident entity - Construction 605 05 701

Investment into shares by a resident entity - Wholesale, retail, repairs, hotel and restaurants

605 06 701

Investment into shares by a resident entity - Transport and communication

605 07 701

Investment into shares by a resident entity - Financial services 605 08 701

Investment into shares by a resident entity - Community, social and personal services

605 09 701

BopCUS 3 l 42


Inward listed investments

Inward listed securities equity - Individual 610 01 706

Inward listed securities equity - Corporate 610 02 706

Inward listed securities equity - Bank 610 03 706

Inward listed securities equity - Institution 610 04 706

Inward listed securities debt - Individual 611 01 706

Inward listed securities debt - Corporate 611 02 706

Inward listed securities debt - Bank 611 03 706

Inward listed securities debt - Institution 611 04 706

Inward listed securities derivatives - Individual 612 01 706

Inward listed securities derivatives - Corporate 612 02 706

Inward listed securities derivatives - Bank 612 03 706

Inward listed securities derivatives - Institution 612 04 706

Prudential investments (Institutional Investors and Banks)

Investment by resident institutional investor - Asset Manager 615 01 704

Investment by resident institutional investor - Collective Investment Scheme

615 02 704

Investment by resident institutional investor - Retirement Fund 615 03 704

Investment by resident institutional investor - Life Linked 615 04 704

Investment by resident institutional investor - Life Non-Linked 61 5

05 704

Bank prudential Investment 616 705

43 l BopCUS 3


Derivatives


Adjustments / Reversals / Refunds related to derivatives 700 902 / 950

Derivatives (excluding inward listed)

Options - listed 701 01 804

Options - unlisted 701 02 804

Futures - listed 702 01 805

Futures - unlisted 702 02 805

Warrants - listed 703 01 806

Warrants - unlisted 703 02 806

Gold hedging - listed 704 01 202

Gold hedging - unlisted 704 02 202

Derivative not specified above - listed 705 01 202 / 804 / 805 / 806 / 901

Derivative not specified above - unlisted 705 02 202 / 804 / 805 / 806 / 901

BopCUS 3 l 44

F. Loan and miscellaneous payments



Adjustments / Reversals / Refunds related to loan and miscellaneous payments

800 902 / 950

Loans (Capital portion)

Loan repayments by residents

Repayment of trade finance drawn down in South Africa 801 999

Repayment of an international bond drawn down 802 999

Repayment by a resident of a loan received from a non-resident shareholder

803 999

Repayment by a resident of a loan received from a non-resident third party

804 999

Loans granted to residents temporarily abroad

Loan made by a resident to a resident temporarily abroad 810 306 / 901 / 998

Loans granted to non-residents

Individual loan to a non-resident 815 998

Study loan to a non-resident 816 306 / 998

Shareholders loan to a non-resident 817 998

Third party loan to a non-resident (excluding shareholders) 818 998

Trade finance to a non-resident 819 998

Miscellaneous payments

Details of payments not classified 830 901

Rand collections for the credit of vostro accounts 831 903

Not allocated 832

Credit / Debit card company settlement as well as money remitter settlements

833 901

45 l BopCUS 3

1. What is BoPCUS?

› Balance of Payments Customer Transaction Report Message (BoPCUS) means an electronic data interchange which is the agreed message standard used by banks to send balance of payment messages in respect of customers to the South African Reserve Bank (SARB).

2. What is a cross-border foreign exchange transaction?

› The purchase or sale of foreign exchange with or for Rands (flow of money between South Africa and other countries).

3. Why do we have to report Balance of Payment (BoP) details when transferring funds abroad or receiving funds from abroad?

› The information is used by the South African Reserve Bank (SARB) to inform macro-economic decisions.

4. How does BoPCUS Version 3 impact me as a client?

The changes include, but are not limited to: › Change in BoP category codes › Additional data to be provided for personal as well as payment details › Third party details to be provided where a resident third party is involved in a transaction

5. What is the target date for the implementation of the new BoP reporting requirements?

› 19 August 2013

6. What is the bank’s role in BoP Reporting?

› We are an authorised dealer in foreign exchange. We report all cross-border transactions to the SARB for statistical, regulatory and information purposes.

7. Why is it mandatory to provide the information when making a payment abroad or receiving funds from abroad?

› BoP data is most important for national and international policy formulation. The SARB uses the information to understand the factors that influence the BoP of South Africa

› To be in compliance with the International Monetary Fund (IMF) standards › To comply with Financial Intelligence Act (FICA) requirements

Frequently asked questions

Below you will find a list of frequently asked questions with answers which will assist in understanding the requirements for BoPCUS Version 3.

?

?

?

?

?

?

?

?

BopCUS 3 l 46

8. Please provide more details on the change in BoP category codes

The BoP codes will inform the SARB of the type of payment the client is making or receiving. The client is fully accountable for supplying the correct and accurate BoP category or BoP description.

Changes to the current BOP codes: › Categories are completely different › Sub-categories are applicable in some instances

Examples:

1. Current BoP category for freight payments is: 301

As from 19 August 2013, the BoP categories for freight will be as follows:

› 270/01: Payment for passenger services – road › 270/02: Payment for passenger services – rail › 270/03: Payment for passenger services – sea › 270/04: Payment for passenger services – air › › 271/01: Payment for freight services – road › 271/02: Payment for freight services – rail › 271/03: Payment for freight services – sea › 271/04: Payment for freight services – air › › 272/01: Payment for other transport services – road › 272/02: Payment for other transport services – rail › 272/03: Payment for other transport services – sea › 272/04: Payment for other transport services – air › 272/04: Payment for other transport services – air › › 273/01: Payment for postal and courier services – road › 273/02: Payment for postal and courier services – rail › 273/03: Payment for postal and courier services – sea › 273/04: Payment for postal and courier services - air

2. Current BoP category for Gift payments is: 501

As from 19 August 2013, the BoP category for Gifts will be: 401

9. Please provide more details on the third party details required

Where a resident third party is involved in a transaction, their details must be provided.

Examples:

› Where the father is paying for the travel on behalf of the family, the details of the wife and children must be provided as third party details.

› Where an agent is making an import or export payment on behalf of various South African entities, details of the SA entities must be provided.

› Where a financial institution is making payment in respect of foreign investments for various South African parties, the details of the SA parties must be supplied.

?

?

47 l BopCUS 3

10. Please provide more details on the additional information required

Some additional information to be provided to your Bank as from 19 August 2013, is as follows:

In the case of Entities: › Trading name, if applicable › Institutional sector (The main institutional sector of each entity: Financial Corporate / Non

financial Corporate / general Government / Household such as partnerships, trusts and one man businesses)

› Industrial classification (The main production activity of each entity: Agriculture, Mining, Transport, Construction, etc)

› Loan tenor and interest rate (in the case of foreign loans) › Transport document number (in the case of the importation of goods) › Sub BoP category, where applicable › Third party details, where applicable

In the case of Individuals: › Gender › Date of birth › Foreign ID number, where applicable › Tax clearance certificate reference (in the case of individual foreign investment allowances) › Loan tenor and interest rate (in the case of foreign loans) › Transport document number (in the case of the importation of goods) › Sub BoP category, where applicable › Third party details, where applicable

11. Will I need to provide all my information again? (Know Your Client (KYC) process)

› No, but to enable us to keep your records accurate and updated, we need to be provided with any changes to your details (i.e. street and postal addresses, contact name and numbers, etc.).

12. Is there a change to the BoP rules that specify which transactions are reportable?

› There is no change to the current reporting rules. The non resident reporting rules will change in phase 2 of the project which is to be implemented in 2014.

13.. Has BoPCUS version 3 introduced an impact or change to Exchange Control?

› No, current Exchange Control rules and regulations remain the same.

14. Is there any additional documentation I need to provide?

› The BoP details are required to be captured on an integrated form (paper-based or electronic or any other format approved by the SARB). The form will cater for all fields required by the SARB. The integrated form is a contract between the Bank and its customer and includes a declaration to the effect that the information provided is true and correct and that the information may be supplied to the SARB, SARS and FICA.

?

?

?

?

?

BopCUS 3 l 48

15. What about my privacy?

› The data submitted is intended to satisfy regulatory SARB, SARS and FICA requirements. Data will not be divulged to other third parties.

16. What are the implications of not providing the information required by the SARB?

› In accordance with our mandate as an Authorised Dealer, we will not be able to process a payment without the required information being supplied.

?

?

49 l BopCus 3

BopCus 3 l 50

51 l BopCus 3

Balance of Payments User Guide Think Corporate … Corporate Banking. Think RMB. ... A. Updates to...

Documents

Transcript of Balance of Payments User Guide Think Corporate … Corporate Banking. Think RMB. ... A. Updates to...