According to South Africa central bank said that in an inquiry found the occurrence of sharing client’s personal data by forex traders but still no confirmation of these misdemeanors by major banks.
Reserve bank of South Africa are going to take some important steps to supervise and protect client’s important data and they are also now regulating forex traders and they are going investigation from one year.
Deputy Governor Daniel Mminele said that we were worried for this and this type of issues reducing the value of currency and making it weak. And Mminele also said that progressive measures are to be taken for the inspecting in the trading market and these steps will also improves the way of communication between dealers and traders with electronic monitoring system to be setup for more protection.
When the bank’s foreign exchange evaluation committee was set up they discuss about the forex traders who are trading individually was inadequate and improperly. And also decided to check the license and authentication of every dealer.
James Cross who is the head of review committee, said that the observing messages between dealers using different systems that can catch if any information leaking may occurs was employed in many institutions and really work for the protection of customer’s. According to James cross that the use of automated electronic systems is now just started in South Africa but there are still some countries that will employ these systems in 2016.
The investigation team of bank said that we are taking steps to protect customers from any scam or there information from leak as it there duty to give their customers full protection and if by chance any issues was found then they can take action against them.
Mminele said that they can found the main cause of these kinds of problems of this illegal act because as they are doing some investigations and analysis to get the root cause and will tackle this completely.
According to the competition watchdog they announced that the inquiry they have done in may to get the suspected price chains and conspiracy and naming BNP Paribas, Standard Bank, JP Morgan, Citigroup, Investec and Barclays. But after the investigation they did not get anything in the result. The watchdog also said that they investigation to find whether dealers at the banks had conspire for this they use instant messaging and electronic chat rooms and they also give quotes to clients for buying as well as selling currencies and the same investigation procedure are going on in United States, Europe and Asia.