Desiree Reddy

Director Norton Rose Fulbright South Africa Inc

Desiree Reddy

Desiree is a banking lawyer based in Johannesburg. Desiree forms part of our banking and finance practice, and specialises in regulatory compliance. Having worked in both the banking and financial services sectors, she has extensive experience in advising both domestic and international financial service providers relative to corporate, regulatory and exchange control matters.

Desiree graduated with a LLB degree from the University of Natal in Durban in 2003, and was admitted as an attorney in September 2005. She holds a master’s degree in Commercial law from the University of the Witwatersrand, and a postgraduate diploma in Compliance Management (Cum Laude) from the University of Johannesburg.

Desiree leads the South African FinTech practice and is a key member of the global FinTech team. She has developed a particular knowledge of blockchain, central bank digital currencies and cryptocurrencies, and advises start-ups and financial institutions on the deployment of these technologies.

Professional experience

Representative experience

Advising on the application of the Financial Intelligence Centre Act, 2001, incumbent reporting obligations, drafting of anti-money laundering (AML) policies and procedures, and the drafting of RMCPs.
Advising and representing clients during AML regulatory inspections, including preparing clients for on-site and off-site reviews by regulatory authorities, assisting with the collation and presentation of required documentation, and providing strategic guidance throughout the inspection process. This includes responding to regulatory queries and addressing any findings or recommendations arising from the inspection. Additionally, supporting clients in the development and implementation of remedial action plans to address identified deficiencies, and representing clients in any subsequent enforcement proceedings or follow-up engagements with the regulator.
Extensive experience providing strategic advisory services and managing licensing processes within the crypto assets sector, including guiding clients through complex regulatory environments and ensuring compliance with evolving legal frameworks.
Advising and representing clients in regulatory matters involving the Banks Act, 1990, including providing strategic guidance on licensing, wind-downs, transfers, amalgamations, compliance, reporting, policies and processes.
Preparation and submission of a range of licence applications under the Financial Advisory and Intermediary Services Act, 2002 (FAIS) and the Financial Sector Regulation Act, 2017 (FSR Act), including providing comprehensive advice to clients regarding their FAIS and FSR Act obligations and facilitating their interactions with the Financial Sector Conduct Authority (FSCA).
Acting for clients in relation to the Collective Investment Schemes Control Act, 2002 (CISCA), including advising on regulatory compliance, registration of schemes and assisting with filings and notifications.
Representing clients in regulatory investigations conducted by the FSCA relating to alleged contraventions of the FAIS Act, CISCA, and the FSR Act. Delivering strategic advice and managing all aspects of the response process to safeguard clients’ interests throughout the investigation. Acting for clients in proceedings before the Financial Services Tribunal and negotiating regulatory sanctions where appropriate.
Re Assisting Granite Central Securities Depository (Pty) Ltd (Granite) with an application for a Central Securities Depository license, in terms of section 27 of the Financial Markets Act, 2012.
Advising a leading European clearing house on the recognition process for external clearing houses in South Africa, in an effort to establish a South African clearing solution
Advising and assisting various offshore banks (including Barclays Bank Plc and Mizuho Bank) with the establishment of a South African representative office, including preparation and submission of a license application in terms of section 34 of the Banks Act, 1990, and interaction with the regulator
Regulatory advice and assistance with the purchase of shares by Barclays Bank plc in Absa Bank, and the drafting and submission of relevant applications to the South African Reserve Bank.