Balance of Payments Reporting (BoP Reporting)

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 were changes to the BoP reporting system from 19 August 2013.

Clients had to provide additional information to RMB from 19 August 2013.

What changed in BoPCUS 3?

Updates to customer information

Additional client information is required 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 categoryWhere applicable
Third party detailsWhere applicable

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 categoryWhere applicable
Third party detailsWhere applicable

Changes to the BoP codes

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

Third party information required

These are 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 was required based on the type of transaction (BoP code)