Presidents/ Chief Executives

All Banks/ DFIs/MFBs

Dear Sir/ Madam,

Financial Integrity Requirements for service providers to the Banks/MFBs/DFIs

The environment of integrity, honesty and financial discipline is crucial for the financial institutions in order to maintain their image and confidence in the general public. In order to further strengthen and enhance the regime of financial integrity it has been decided that all banks/DFIs/MFB’s should ensure the following minimum requirements at the time of acquiring of any services, consultancy or advisory service from any company / firm / individual;

• That they have not been adjudged an insolvent,
• No execution of decree or order of any Court remains unsatisfied against them,
• They have not compounded with the creditors
• They have not been convicted of a financial crime

In this regard, all banks/MFBs/DFIs should devise and implement policy and procedures duly approved by their board of directors, w.e.f. 31-01-2015.

The above instructions are issued in terms of section 41 of the BCO, 1962.