{"id":94049,"date":"2025-12-10T18:50:13","date_gmt":"2025-12-10T18:50:13","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa"},"modified":"2025-12-10T19:04:43","modified_gmt":"2025-12-10T19:04:43","slug":"managing-cash-transactions-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa","title":{"rendered":"Managing Cash Transactions in South Africa"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>There has been a lot of banter about paying people in cash lately, especially with the infamous Woolies bag saga \u2013 but what role should the banks be playing?<\/p>\n<p>Director and Portfolio Manager at Denker Capital, Kokkie Kooyman explains the actual laws.<\/p>\n<p>&#8220;There are basically four rules that banks have to comply with. First of all they have to report any cash transaction of R50 000 or more to the Financial Intelligence Centre (FIC) within three days. Secondly, if there&#8217;s an aggregation&#8230; when there are a lot of smaller transactions, which when linked, appear to be part of a R50 000 or larger transaction. Thirdly, they need to do their Customer Due Diligence (CDD) and monitor for suspicious activities. And fourthly, obviously the big thing \u2013 Know Your Customer (KYC).<\/p>\n<p>&#8220;The emphasis on all these regulations is to report terrorist financing links, or money laundering.&#8221;<\/p>\n<p>On the question of why suspicious activity is often not investigated, Kooyman says after the banks have reported it to the FIC, it&#8217;s essentially out of their hands.<\/p>\n<p>&#8220;If you look at the prosecuting agencies, as to how poor they&#8217;ve been, I&#8217;m sure there are a lot of reports about money transfers which were suspicious \u2013 which the banks reported \u2013 that just never went further, that should have been investigated.&#8221;<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">South-Africa<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. There has been a lot of banter about paying people in cash lately, especially with the infamous Woolies bag saga \u2013 but what role should the banks be playing? Director and Portfolio Manager at Denker Capital, Kokkie Kooyman explains the actual laws. &#8220;There are basically four rules that banks have to comply [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":94048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[275],"class_list":["post-94049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Managing Cash Transactions in South Africa - South Africa<\/title>\n<meta name=\"description\" content=\"There has been a lot of banter about paying people in cash lately, especially with the infamous Woolies bag saga \u2013 but w ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Managing Cash Transactions in South Africa\" \/>\n<meta property=\"og:description\" content=\"There has been a lot of banter about paying people in cash lately, especially with the infamous Woolies bag saga \u2013 but w ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-10T18:50:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-10T19:04:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2025\/12\/sm_1765380851.927427.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Managing Cash Transactions in South Africa\",\"datePublished\":\"2025-12-10T18:50:13+00:00\",\"dateModified\":\"2025-12-10T19:04:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa\"},\"wordCount\":232,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2025\/12\/sm_1765380851.927427.jpg\",\"keywords\":[\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/managing-cash-transactions-in-south-africa\",\"name\":\"Managing Cash Transactions in South Africa - 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