FIC issues draft risk assessments for company service providers and dealers in precious metals and stones
The risk assessment reports are intended to help accountable institutions understand their money laundering and terrorism financing risks.
Author: Moonstone Information Refinery
What businesses should know about the legal debt collection process
When faced with a bad debtor, establish whether the contractual relationship is a specific contract and/or a standard terms and conditions contract.
FSP ordered to compensate client for R3.1m following cybercrime loss
A recent High Court ruling underscores the fiduciary duties of financial services providers in the context of escalating digital threats.
Webinar explores AI as new IT risk management standards take effect in financial services
As the finance industry adjusts to the new Joint Standard principles, MBSE is delving into the world of AI and its impact on cybersecurity controls in an upcoming webinar.
Ombud finds fault with ‘negative-option’ selection at inception stage
The consultant should have provided the available options to the insured and left it to the insured to decide which category best suited his business.
Why insurance matters as South Africans flock to shops and online deals
The excitement of scoring great Black Friday deals is accompanied by a crucial reminder: the importance of insurance to safeguard purchases from unforeseen mishaps.
FIC publishes final Guidance Note on international funds transfer reporting
The same transaction may give rise to the submission of multiple reports to the Financial Intelligence Centre.
Occupational fraud: a global epidemic costing trillions
CS Forensics CEO Christo Snyman says implementing effective risk mitigation strategies can significantly prevent the escalation of employee fraud.
Strategic partnership to ‘fill missing piece of the puzzle’ in liability insurance
The collaboration aims to empower Old Mutual Insure to broaden its footprint and provide specialised liability coverage throughout the African continent.
National Financial Ombud set to start in January 2024 – draft rules and MOI published
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
Webinar: Transform the way you think about digital defence in the financial industry
As the Joint Standard for handling IT risks takes effect, FSPs must begin to familiarise themselves with establishing a resilient IT risk management framework.
Second take: Joint Standard on IT governance and risk management
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
Don’t simply assume your policy covers you for hail damage
Steps the insured can take to enhance the likelihood of a successful claim.
FIC publishes draft guidance on how accountable institutions can identify beneficial ownership
The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
Volatility results in decline in CIS assets under management in the third quarter
But AUM grew by 11% when measured over the 12 months to the end of September.
Joint Standard on how financial institutions should manage their IT risks
Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.
