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      Treasury

      Below are the queries Treasury handle:

      • Deposits
      • Withdrawals
      • Commission withdrawals
      • Account closure full withdrawal
      • Account closure full withdrawal that will require remediation

      V-Codes that need to be used in subject line of email

      Request type:                    Treasury Code
      On-Shore Deposit             V1D
      On-Shore Withdrawal      V1W
      Off-Shore Deposit            V2D
      Off-Shore Withdrawal     V2W

      * Please note that requests without V-codes will be delayed.

      Team members

      Civior Ncube
      Bheki Koena
      Ntsako Rikhotso

      Escalation

      Thembi Manzini

      Process that would need to be followed per query:

      Onshore Withdrawals

      • Withdraw funds from a local investment account, send an email instruction (amount and client ID).
      • If payment is to new banking details, update banking with DQM prior to sending to requesting a withdrawal.
      • Cut-off times 12pm SA time (ZAR).
      • Payment requests will be processed within 48 business hours of receipt.

      Possible delay due to IM/Client:
      Late Requests: Requests sent after cut-off times.
      Additional Documentation: Required for processing withdrawal, including updating banking details, verification of bank details, or providing a client statement.
      • Clarification Requirements: Incorrect account information or insufficient funds.
      • Remediation Process: Timing of document receipt and processing by remediation affects when the withdrawal is processed by Treasury.
      • Verification Issues: Unable to verify details for certain transactions due to IM/Client unavailability.
      • Settlement Date: Delay due to the settlement date of shares.

      Possible delay due to Treasury:
      Technical Issues: IT-related problems such as system downtime, network issues, or emails blocked by the security system due to potential security threats. Should these issues arise, we will formally communicate to clients.

      Escalation points:
      • If a withdrawal is not processed within 48 business hours, and there is no communication from the Treasury, email Institutional Support Support@dma.co.za.
      • Remediation process: Remediation@dma.co.za.
      • Asset Swap process: Trading@dma.co.za.

      Offshore Withdrawals

      • Complete withdrawal form, signed by authorised signatories.
      • If payment is to new banking details, update banking with DQM prior to sending to requesting a withdrawal.
      • Cut-off times 12pm SA time (ZAR, USD, GBP, CHF, AUD).
      • Payment requests will be processed within 48 business hours of receipt.

      Possible delay due to IM/Client:
      Late requests: Requests sent after cut-off times.
      • Additional documentation: Required for processing withdrawal, such as updating banking details, verifying bank details, or providing a sufficient client statement.
      Clarification requirements: Issues such as incorrect account information or insufficient funds.
      • Settlement date: Delay due to the settlement date of shares.
      Conversion confirmation: Delay caused by conversion confirmation not provided to Treasury.

      Possible delay due to Treasury:
      • Technical issues: IT-related problems such as system downtime, network issues, or emails blocked by the security system due to potential security threats.
      • Liquidity concerns: Cash flow issues for large withdrawal requests.
      • Compliance blocks: Transactions blocked at the bank level for compliance reasons.
      Fund conversion: Conversions are processed by Saxo, which requires a 48-hour period.
      Should these issues arise, we will communicate formally with clients

      Escalation points:
      • If a withdrawal is not processed within 48 business hours, and there is no communication from Treasury: Email Institutional Support Support@dma.co.za.
      • Remediation process: Remediation@dma.co.za.
      • Asset Swap process: Trading@dma.co.za.

      Onshore deposits

      • Payment requests will be processed within 48 business hours of receipt.
      • Please allow 2 – 3 working days for funds to reflect with DMA.

      Possible delay due to IM/Client
      Proof of payment issues: No proof of payment provided, or proof is unclear.
      • Client statement issues: No client statement for full/partial portfolio transfers. Statements must include the client’s name, third-party institution details, and the amount transferred to DMA.
      Payment processing issues: Payment not successfully processed on the client end, resulting in funds not received by DMA.
      • Incorrect payment details: Incorrect payment details used by the client (e.g., bank account name, account number).
      Misrouted documents: Proof of payment or statements sent to the incorrect department.
      Bank detail discrepancies: Bank details used by the client differ from those provided at Onboarding, triggering a request for new banking details and their verification.
      • Clarification requirements: Incorrect client reference.

      Bulk Deposits
      • Client allocation breakdown

      1. Breakdown not provided.
      2. The format of the breakdown does not meet Treasury requirements.
      3. Discrepancy between the amount received and the allocation breakdown (e.g., ZAR 500 received at the bank, bulk allocation ZAR 450).

      Possible delay due to Treasury
      Technical Issues: IT-related problems such as system downtime, network issues, or emails blocked by the security system due to potential security threats.

      Note: Should these issues arise, we will communicate formally with clients.

      Escalation Points
      • If funds are not allocated within 2 – 3 working days, and there is no communication from Treasury email Institutional Support Support@dma.co.za.
      • Asset Swap process: Trading@dma.co.za.

      Third-party Deposits and Return
      • Once third-party funds are identified, payment is submitted to our bank for return.
      • For any fund returns, please be aware that DMA relies on the affected banks (whether they belong to DMA, the remitters, or act as intermediaries) for the return or recall of funds. Due to this dependency, we cannot guarantee the exact timeframe for the return or recall process, as it is beyond our control.
      • DMA shall not be held liable for any interest accruing on unsolicited funds received by third parties in breach of our General Business Terms, as well as any costs incurred or levied in returning such funds.

      Offshore deposits

      • Payment requests will be processed within 48 business hours of receipt
      • Please allow 3-4 working days for funds to reflect with DMA

      Possible Delay Due to IM/Client
      Proof of Payment Issues: No proof of payment provided or unclear proof of payment (standard details required for identification).
      • Client Statement Issues: No client statement for full/partial portfolio transfers. Statements must include the client’s name, third-party institution details, and the amount transferred to DMA.
      • Payment Processing Issues: Payment not successfully processed on the client end, resulting in funds not being received by DMA.
      • Blocked Funds: Funds blocked by the remitting bank or intermediary bank.
      Incorrect Payment Details: Incorrect payment details used by the client (e.g., bank account name, account number).
      • Misrouted Documents: Proof of payment or statements sent to the incorrect department.
      Bank Detail Discrepancies: Bank details used by the client differ from those provided at Onboarding, triggering a request for new banking details and their verification.
      • Conversion Confirmation: Conversion confirmation not provided to Treasury.
      • Sub-Account Requests: Delay due to sub-account opening requests.
      • Clarification Requirements: Incorrect client reference.

      Bulk Deposits
      Client Allocation Breakdown:
      • Breakdown not provided.
      • The format of the breakdown does not meet Treasury requirements.
      • Discrepancy between the amount received and the allocation breakdown (e.g., USD 500 received at the bank, bulk allocation total USD 700).

      Delay due to Treasury:
      Technical Issues: IT-related problems such as system downtime, network issues, or emails blocked by the firewall due to potential security threats.
      Conversion of funds
      • Conversions are processed by Saxo within 48 business hours of the process, not under Treasury control.

      Escalation Points:
      • If funds are not allocated within 3- 4 working days, and there is no communication from Treasury: Email Institutional Support Support@dma.co.za 
      • Asset Swap process: Trading@dma.co.za 

      Third-party Deposits and Return
      • Once third-party funds are identified, payment is submitted to our bank for return.
      • For any fund returns, please be aware that DMA relies on the affected banks (whether they belong to DMA, the remitters, or act as intermediaries) for the return or recall of funds. Due to this dependency, we cannot guarantee the exact timeframe for the return or recall process, as it is beyond our control.
      • DMA shall not be held liable for any interest accruing on unsolicited funds received by third parties in breach of our General Business Terms, as well as any costs incurred or levied in returning such funds.

      Intermediary charges queries

      • Charges are shared. The ordering customer pays their bank charges and the remittance amount. The beneficiary bears the charges of all other banks (the intermediary bank, beneficiary bank etc.). The beneficiary will receive the remaining balance.

      Conversion

      • All conversion to be sent to vault@dma.co.za 48hour waiting period
      • Charges 50 basis points
      • Conversion rate can’t be confirmed

      Account Closure potential remediation

      • Request received by Vault team will be sent to the remediation team internally.
      • Documents required

      Individual

      • Remediation form (Digital/Manual)
      • ID (Accounts were opened for SA Citizens with passport)
      • Proof of residence dated no older than 3 months
      • Proof of banking is not a FIC requirement however to avoid delays in deposits and withdrawals its requested
      • Relevant tax doc (SARS DWT / W8ben)
      • Original account opening docs if not on record – This is due to transfers / Novatians / book moves or non submission at onboarding)

      Cover letter
      Power of attorney
      Original CAF

      Joint account Completed for each individual separately

      • Remediation form (Digital/Manual)
      • ID (Accounts were opened for SA Citizens with passport)
      • Proof of residence dated no older than 3 months
      • Proof of banking is not a FIC requirement however to avoid delays in deposits and withdrawals its requested
      • Relevant tax doc (SARS DWT / W8ben)
      • Original account opening docs if not on record – This is due to transfers / Novatians / book moves or non-submission at onboarding)

       Cover letter
       Power of attorney
       Original CAF

      Trust

      • Letter of Authority
      • The Trust Deed/Will
      • Any Resolutions
      • Signatory Rules
      • Proof of ID for the Donor, Trustees and beneficiaries
      • Proof of residential address for the Donor, Trustees, beneficiaries and any other authorised person.

      Corporate

      • Certificate of Incorporation
      • Moi – Memorandum
      • Certificate of Name Change (If applicable)
      • Proof of Registered Address
      • Register of Directors
      • Registration of Local Company
      • Articles of Association
      • Copy of Licence (if applicable)
      • Shareholders Register
      • Any Resolutions That Have Been Made by The Board of Directors
      • Certificate of Incumbency (if applicable)
      • Signatory Rules
      • Proof of ID for each Director, Shareholder and authorised person
      • Proof of residential address for Director, Shareholder and authorised person (not older than 3 months)
      • The remediation team will be in contact for the above documents. Once approved Treasury will process the withdrawal.

      Return of funds third-party payments

      • Any return of funds clients is reminded that DMA is reliant on the impacted banks for the return of funds and therefore can’t guarantee timeframe of return.
      • Time frame will vary based on interbank communication and is not within DMA control.

      Trace of incoming deposit (Offshore)

      • All deposits are allocated on receipt of proof of payment
      • Please allow for 2 – 3 working days for funds to reflect at DMA
      • Should funds not reflect within time frame client remitter bank has to request trace of payment and provide information to Treasury team.

      Withdrawal processing time frame

      • All withdrawal requests received before 12pm SA time will be processed same day should all necessary documents required to process be available, straight payment NO conversion, sufficient cash available, share settlement on liquidated shares.