Comply with Directive 7 by Friday or face the consequences, says FIC
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
Author: Moonstone Information Refinery
FSCA publishes extensive draft Conduct Standard for CIS managers
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
Regulator finds ‘comprehensive chronic cover’ advert misleading
The former chief executive of Massmart and Edcon filed a complaint with the Advertising Regulatory Board against Discovery Health Medical Scheme.
Treasury clarifies aspects of the renewable energy tax incentive for businesses
Lessors that invest in qualifying assets that are leased to lessees under operating or finance lease arrangements will be able to benefit from the incentive.
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.
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.
