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Regulations, Risk Management Processes and Controls


Masthead is our 3rd party advisors, ensuring that our FSP compliance processes are up to date and in order.


For the payment gateway space we hold a System Operator license from PASA.


FiveWest holds a mandate from the SARB to facilitate international payments.


Fivewest is an authorized Financial Services Provider (51619). Licensed for long and short-term deposits and derivatives.


Risk Management Processes and Controls

We are also a regulated primary accountable institution with the FIC and hold a mandate from the SARB to facilitate international payments.

FiveWest also uses Masthead as their 3rd party advisors to ensure that their FSP compliance processes are up to date and in order. FiveWest and Masthead have a shared folder where all FiveWest's Risk Management and Controls processes can be accessed.

These processes are managed on a daily basis by 5 to 6 staff members.

Although it is not yet necessary for the services we provide, we are in the process of applying for an ODP license with the FSCA

Victor Bantchovski profile

The Software Team has created proprietary software to facilitate the onboarding of individuals and/or corporate clients of Fivewest.


Joshua Hewitson oversees the systems and third party support teams

Tamiya Naidoo profile

The Legal and Compliance Team review the documentation and information provided by clients and complete risk management profiles.

Omer Iqbal profile
Pierre Van Helden profile

FIC reporting is completed by Pierre van Helden and Omer Iqbal.


Compliance and internal controls scoring

FiveWest welcomes regulations to create a level playing field in which we can innovate with confidence. We feel that we can play an intergrel in helping to shape the regulations.

  • Merchant acquisition

  • Digital payment token

  • Domestic money transfer

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Know your customer

Risk based approach

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Sanction list screening

OFAC, PEP, MHA Restrictions, etc.

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Suspicious activity report

Upon discovery of any suspicious activity

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Transaction monitoring

Current / historical transaction patterns


State of the art controls keep your funds safe

Using blockchain transparency tools, we check to see where money comes from, abiding by the highest standards set by the FSCA and SARB.

Regulatory questions and answers

Our clients have many questions and considerations around how to manage fiat and crypto, from a regulatory point of view. Check out these important questions and answers provided by Deloitte.

Learn more about our stance on regulation by reading the full deloitte article.
Read more on the Deloitte article

    Are crypto assets considered to be e-money in South Africa?

    No, only registered South African banks are allowed to issue "e-money". This is clearly stipulated in the NPS Act 78 of 1998.

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    Is it legal to accept crypto assets as a form of payment (even if it is not legal tender)?

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    Are crypto assets viewed as foreign currency?

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    What legal recourse do I have if a crypto payment goes wrong?

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    Are non-residents permitted to sell their crypto assets in South Africa, for Rands?

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    Are crypto asset futures contracts sold by exchanges Contracts-for-Difference (CFDs)?

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    Is it true that crypto transactions are often used for illicit purposes?

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    What is the tax treatment of crypto payments?

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Create your FiveWest account today

We take care of our onboarding clients, making the process a breeze. Get started with a free account to see how FiveWest can help you and your financial goals.

Utilizing traditional banking and blockchain technology, we specialise in the trading automation of digital assets & forex.




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