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Balance of Payments Reporting (BoP Reporting)

Background

Balance of Payments Reporting (BoP Reporting) is an electronic message system used to report cross-border transactions to the South African Reserve Bank (SARB). There will be changes to the BoP reporting system from 19 August 2013.

Clients must provide additional information to us from 19 August 2013.

What is changing in BoPCUS 3?

Updates to customer information

Additional information is required about the client to be stored for future use.


Additional information required 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 information required 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 repayment foreign loans)
  • Transport document number (in the case of the importation of goods)
  • Sub BoP category*
  • Third party details*


Changes to the BoP codes

A new set of BoP category codes as well as sub-category codes will cater for more detailed information on the reason for a transaction. The codes used to report transactions are changing and some categories have sub-codes.



Third party information required

Third party transactions made by an RMB account holder on behalf of another person or entity who is not the holder of the transacting account.

  • Additional third party (SA resident) information will be required based on the type of transaction (BoP code)

* Where applicable

Watch an educational video on BoPCUS

BoPCUS version 3: Introduction

BoPCUS version 3: Third Parties


BoPCUS version 3: Exports

BoPCUS version 3: Imports

Let's talk


Contact Your dedicated relationship manager on +27 11 282 8000 or email globalmarkets@rmb.co.za
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