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Author Archive | Carolee Reyneke-Minnaar

pension-fund

Draft PIC Public Compliance Communication 12A – Guidance on outsourcing of compliance activities to third parties

The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies, and other persons on the draft Public Compliance Communication 12A (draft PCC 12A). The draft PCC 12A is an update to the existing Public Compliance Communication 12. The draft PCC 12A provides guidance and clarity on what compliance activities […]

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ACFP

Joint Communication 2 and 2A of 2020 – Further clarity for AIs on submission of their required action plan

Joint Communication 2 issued on 21 April 2020 sets out the Financial Sector Conduct Authority (FSCA), South African Reserve Bank, Prudential Authority (PA) and Financial Intelligence Centre (Authorities) position concerning the COVID-19 pandemic and its impact on the ability of Accountable Institutions (AIs) to adhere to their obligations regarding customer due diligence (CDD), particularly that […]

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Communication

Joint Communication 2A of 2020 – Clarity for AIs on customer due diligence

A communication issued on 21 April 2020 sets out the Financial Sector Conduct Authority (FSCA), South African Reserve Bank, Prudential Authority (PA) and Financial Intelligence Centre (Authorities) position concerning the Covid-19 pandemic and its impact on the ability of Accountable Institutions (AIs) to adhere to their obligations regarding customer due diligence (CDD), particularly that of […]

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work-safety

COVID-19 – Update on Occupational Health and Safety Measures in Workplaces

The directions contained in latest Government notice is aimed at the prevention of transmission and specific occupational hygiene practices that focus on the need for employers to implement measures to mitigate or eliminate the transmission of the virus in the workplace. The Directive does not reduce the existing obligations of any employer in terms of […]

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CORONA-virus

Covid-19 – Supervisory response

Joint Communication 2 of 2020: COVID-19 Supervisory response, addressing various aspects under the FIC Act, was published last week. The communication confirms that there will be no relaxation of the Accountable Institutions (AIs) obligations under the FIC Act and all AIs are reminded to be extra vigilant during this period of COVID-19 for situations and […]

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call-center

Performance of essential financial services – Guidance for call centres

The FSCA and the Prudential Authority (PA) issued a joint guidance note to provide further clarification regarding Call Centre Directions issued by the Minister of Health and the Minister of Trade, Industry and Competition. The Call Centre Directions aims to clarify the extent and the conditions upon which call centres may operate during the lockdown. […]

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finance

Financial Soundness Requirements – Exemption of FSPs and Juristic Representatives from certain obligations

FSCA FAIS Notice 21 of 2020 Notice contains exemptions from sections 45(2), 48(1) and 48(2) of the Determination, as applicable, for the period 1 April 2020 to 31 March 2021. The extent of exemptions: ● Category I FSPs that do not hold, control or has access to client assets or that do not collect, hold or receive premiums or other […]

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