Forex
If you need to transfer money from South Africa or receive foreign currency in South Africa, easily and efficiently, you’ve come to the right place.
We’ll not only save you time and money, when you choose Charter Forex, you’ll also enjoy:
- No admin fees
- No communication fees
- No bank queues
- No call centres
- Better exchange rates for every currency
- Expert advice and assistance
- Preferential rates and lower fees with Investec Private Bank
At Charter Forex, over 300 professional firms in South Africa and an array of private clients trust us with their foreign exchange transfers. We specialise in financial services linked to foreign exchange and cross-border payments, and aim to provide the most cost-effective foreign exchange transfer service in South Africa.
Change the way you think about foreign exchange transfers: our expert advice makes sending and receiving cross-border payments effortless.
Contact Charter Forex today and let us know how we can help you.
Escrow Services
OVERVIEW
Escrow agreements can benefit individuals and businesses engaging in high value transactions such as:
- Mergers & Acquisitions – funds can be held to ensure compliance with representations and warranties or performance covenants.
- Tenders – escrow can be used in the tender process to ensure that applicants have the necessary funds to successfully complete the tender.
- Litigation – funds can be deposited in escrow pending appeal of a court judgement or where disbursements need to be paid to a number of beneficiaries such as a liquidation.
- Capital Raising – funds held pending a successful capital raising to purchase a business or asset can be held in escrow until all participants have paid their contributions.
- Real Estate Transactions – attorneys acting on behalf of purchasers can place funds in escrow instead of placing them in the hands of the seller’s attorney.
Escrow can be used in any scenario where funds are paid for a moveable asset, including art, vehicles, watercraft, mobile homes and antiques, including for cross-border transactions.
Contact Charter Fiduciary Administrators today and let us know how we can help you.
FICA Compliance for Attorneys
OVERVIEW
At present, 95% of attorneys are not FICA compliant. Are you?
To be sure, ask yourself the following questions:
- Have you established and implemented internal rules pertaining to FICA in your firm?
- Do you have the minutes of the board/management meetings where these rules were approved?
- Is the organogram of the firm’s compliance function up to date?
- Do you have a letter of appointment of an internal compliance officer with his/her job description?
- Can you produce a schedule of FICA training for the last three years with statistics of staff attendance?
Should you have all the above in place, chances are good you are indeed FICA compliant. If any of this is Greek to you, you and your firm could be facing a harsh R100,000 penalty from the Financial Intelligence Centre (FIC) who are currently conducting FICA inspections in the Western Cape.
The supervisory responsibility in terms of the FIC Act currently rests with the L.S.S.A., a non-statutory body with limited authority to enforce compliance. Proposed amendments to FICA will transfer this responsibility to the Provincial Law Societies. Implementation of this amendment is scheduled for May 2010.
The following extract from the Cape Law Society Newsletter of January 2009:
FICA-Are you complying?
Members are reminded to ensure that they are complying with their obligations in terms of the FICA. The Financial Intelligence Centre has begun conducting on-site visits at firms and is requesting firms to have the following available:
- Their internal rules and the minutes of board/management meetings where these rules were approved;
- Letter of appointment of a compliance officer;
- Organogram of the compliance function and job description of the compliance officer;
- Schedule of FICA training in the last three years and statistics of staff attendance.
WHAT WE DO
Charter Fiduciary Administrators (Pty) Ltd offers an off-the-shelf FICA solution facilitating FICA compliance for the attorney firm and secondary legislation at an affordable price.
BENEFITS
We save you time and money.
We understand that, being legal practitioners, attorneys could study the requirements, compile the documents and implement your strategies with regard to FICA. However, our off-the-shelf solution is priced to ensure FICA compliance that it is far cheaper and more convenient than spending valuable billable hours doing it yourself.