The number of Acts regulating South Africa's banking sector has grown from 106 in 1990 to 232 today. However, writes Jean Moncrieff, CEO of Emerge Africa, it's not just banks that are affected: from retailers to telephone operators and from the National Credit Act to FICA and RICA, thousands of businesses have a long list of new compliance needs to meet.
Most of this new regulation is serving good ends: few would argue with the need to curb money laundering or put the brakes on unaffordable credit, but compliance can come at a high cost.
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