Full-Service ADLA Licensing Support in South Africa | End-to-End Compliance & Regulatory Guidance
- Hertz Experts
- Aug 7, 2025
- 6 min read
Updated: Aug 11, 2025
Looking to obtain an Authorised Dealer in Foreign Exchange with Limited Authority (ADLA) license in South Africa? The expert team at Hertz Consulting offers a comprehensive, end-to-end ADLA licensing solution tailored to both local and international businesses. With deep regulatory knowledge and extensive experience—including support from former SARB and FSCA professionals—Hertz Consulting ensures your company meets every requirement of the South African Reserve Bank (SARB) and the Financial Intelligence Centre (FIC).
From understanding South African financial legislation and business structuring to preparing a complete compliance framework, business plan, and Risk Management & Compliance Programme (RMCP), our team will guide you every step of the way. Whether you're an importer, exporter, investor, or money transfer service, Hertz Consulting is your trusted partner in navigating the complex regulatory environment of South Africa’s foreign exchange market.
Licensing Process:
Acts
The team will provide you with insight of the Acts applicable in South Africa, as your
company will have to abide to it.
The Act means the Currency and Exchanges Act, 1933 (Act No. 9 of 1933).
The FIC Act means the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001).
Initial discussion
The team will commence our discussion having a complete understanding of your business
model and requirements.
We will then take you through the requirements of the Financial Surveillance Department of
the SARB – Currency and Exchanges Manual for Authorised Dealers in foreign exchange
with limited authority.
Once we have completed this process and have a complete understanding of your
anticipated business activity, we will be able to guide you as to which License Category we
will have to apply for.
There are four categories:
Category One: Bureaux de Change
Category Two: Bureaux de Change who can also offer money remittance services in
partnership with external money transfer operators
Category Three: Independent money transfer operators and/or value transfer service
providers
Category Four: Authorised Dealer in foreign exchange offering authorised services
Registered Company with CIPC
If you require a Company to be registered, the team will be able to register you a company
and provide the certified copy of the Registration Certificate (Form CoR14.3), issued by
CIPC, as proof that the company has been registered in terms of section 14 of the
Companies Act, 2008 (Act No. 71 of 2008) together with the application form to the SARB
Registered Auditor
Hertz Consulting can provide you with an auditor.
Registered Attorney
Hertz Consulting can provide you with an attorney.
FATCA – INCOME TAX ACT, 1962 13 February 2015
If your company originates from the USA or any interested parties (UBO) you must comply
with a return each May.
This is an AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF SOUTH
AFRICA AND THE GOVERNMENT OF THE UNITED STATES OF AMERICA TO IMPROVE
INTERNATIONAL TAX COMPLIANCE AND TO IMPLEMENT FATCA, THE ANNEXES
THERETO AND THE MEMORANDUM OF UNDERSTANDING In terms of section 108(2) of
the Income Tax Act, 1962 (Act No 58 of 1962), read in conjunction with section 231(4) of the
Constitution of the Republic of South Africa, 1996 (Act No 108 of 1996), it is hereby notified
that the Agreement to improve international tax compliance and to implement FATCA as set
out in the Schedule to this Notice has been entered into with the Government of the United
States of America and has been approved by Parliament in terms of section 231(2) of the
Constitution.
Hertz Consulting's auditing team will be able to assist you in this regard.
ADLA application
The team will complete the application forms on your behalf, covering all the requirements of
the “FSD” for your review and signature, removing the administrative burden from you. Once
completed the legal professional will review and confirm the correctness thereof.
Company Operational and Business Plan
The team will provide you with a tested business plan framework and guide you through the
“construction” process in ensuring that the company’s operational conditions as per the
FSD`s Currency and Exchanges Manual for Authorised Dealers in foreign exchange with
limited authority is clearly set out and adhered to.
Such a defined and accurate operational plan is critically important and will provide a good
margin of comfort to the Regulator covering any potential risk and or any potential violation
of any Regulatory framework, which should enhance the successful approval of the ADLA
license application.
The detailed operational and business plan will cover the key aspects required by the FSD
i.e.:
equity structure, which requires that the full ownership of the unlisted company be
disclosed, including the identity of the beneficial owner(s);
proposed organisational structure including, where applicable, a description of the
intended use of agents and branches;
details of funding of the ADLA, i.e. own funds, loan funding (if so, name of lender and
domicile) and other sources;
a reasonably measurable forecast budget calculation for the first three financial years
which demonstrates that the applicant is able to employ appropriate systems,
resources and procedures to operate soundly;
Corporate Governance Framework
Corporate Governance within a company is of paramount importance. The King IV principles
sets a solid base of principles, to which each person involved in the eco-system is
responsible and accountable for.
The team will provide you with a tested and approved Corporate Governance Framework
and guide and assist you through the “construction” process in ensuring that the company’s
internal control process and reporting on its operations are clearly articulated within the
respective Committees.
This framework will cover the requirements of the FSD and describe in detail the internal
control mechanisms relating to, inter alia, administrative, risk management and accounting
procedures, which demonstrates that these governance arrangements, control mechanisms
and procedures are appropriate, sound and adequate.
In addition, this Corporate Governance Framework will set out the terms of reference of each
committee and accountability of each member.
This Corporate Governance Framework should ensure comfort with the various Regulators,
when assessing your ADLA license application.
Board composition
It is important to note that the Board must function independently, have suitably qualified
members, and non-executive directors.
Hertz Consulting does have suitably qualified non-executive directors that could assist you in
this regard.
The team will also attend to the necessary administration of such appointments.
Business and Technical Specifications
The team will provide you with the document containing all the rules and technical
specifications pertaining to the electronic reporting of cross-border foreign exchange
transactions.
Risk Management and Compliance Programme “RMCP”
This Risk Management and Compliance Programme of the ADLA as required in terms of
section 42 of the FIC Act. The Financial Surveillance Department will indicate whether the
Risk Management and Compliance Programme is sufficient to enable the ADLA to comply to
its obligations under chapter 3 of the FIC Act.
The team will provide you with a tested RMCP template and work with the respective teams
to ensure that the RMCP covers the business operations, controls and reporting as required
by the Act.
FICA Compliance
Compliance with the FIC Act requirements is critical. The team will guide you in preparing all
of the requirements as per the FIC Act, including the GoAML registration and outlining the
Fiduciary responsibilities as per the various Board Circulars and Notices issued from time to
time.
Compliance Outsourcing Function
The Financial Surveillance Department will assess and indicate whether the Risk
Management and Compliance Programme is sufficient to enable the ADLA to comply to its
obligations under chapter 3 of the FIC Act.
The company will therefore have to demonstrate, over and above in the Business Plan,
Corporate Governance Framework and RMCP, that the company is well structured with a
suitable qualified Compliance team.
The requirements of the compliance function will be to assist the board of directors of the
ADLA in discharging their obligations and be responsible to ensure the effectiveness of the
compliance function (section 42A(1)(b) of the FIC Act).
Hertz Consulting can provide you with the Regulatory approved staff.
Final Review prior the submission of the ADLA application
The team will have conduct a six-eye principal check, including legal counsel check to
ensure that all of the information required by the Financial Surveillance Department is
accurate and complete.
The team will submit the application as prescribed by the Financial Surveillance Department
and engage with the Regulator pre and post submission.
FICA Training
The specialist team member will provide any pre- or post-application training to all levels of
staff as required by the FIC Act.
Follow up training at twelve months intervals, or when new staff arrive at the company.
Post-Licensing Support
Once your ADLA license is conditionally approved, the team will provide you with guidance
and assistance in dealing with any question or suggestions/requirements from the Financial
Surveillance Department. We will assist you in preparing a suitable response.
The team can also assist you during the inspection process by the various regulators and
prepare any remediation requirements, to ensure that the final approval is granted.
In addition, we will be able to assist you with post license
approval ongoing regulatory
support, periodic compliance reviews, and guidance on legislative updates.
