The talks, which took place at a recent Banking Association of South Africa board meeting, reportedly centred on concerns that US lawmakers are advancing a bill that could target ANC leaders and government officials over Pretoria's ties with American adversaries, including Russia and China.
Some insiders fear the most damaging consequence would be restrictions on South Africa's access to the Swift interbank payment network or the US dollar clearing system, Sowetan reported.
While national treasury is said to be engaging with American counterparts in an effort to defuse tensions, it reportedly believes local banks' own compliance systems would be the first line of defence if sanctions were triggered.