FIC publishes draft communication on travel rule compliance for CASPs
The draft PCC reinforces zero-threshold travel rule application, mandatory real-time monitoring, enhanced controls for unhosted wallets, and strict freezing obligations.
Compliance and Legislation
Ombud Council issues new rules for Pension Funds Adjudicator
The framework formalises complaint-handling procedures, introduces mechanisms such as conciliation and summary dismissal, and will be implemented in phases.
Draft PCC 122 clarifies FICA obligations for special purpose vehicles
SPVs designated as accountable institutions must comply with FICA in full, including independent registration and adherence to RMCP and reporting requirements.
FST sets aside debarment after finding contradictions in forensic evidence
Sanlam found that the client’s signatures were forged, but its own handwriting expert came to a different conclusion.
Transformation Fund moves into B-BBEE scorecards as draft codes signal policy shift
Draft amendments to the B-BBEE Codes introduce the government’s proposed Transformation Fund into the compliance framework, reshaping enterprise development, procurement incentives, and scorecard calculations.
FST affirms strict honesty standard in document alteration case
The Tribunal upholds the debarment of an F&I consultant who altered delivery and witness details on vehicle finance documents.
SARB proposes ARP regime to formalise alternative remittance channels
The draft ARP Manual introduces licensing, capital, and AML/CFT obligations for informal remittance providers.
New deadline to comment on draft AML/CFT Bill
The legislation will strengthen reporting and governance obligations across the non-profit, corporate, and financial sectors.
Sanlam’s conflict-of-interest findings upheld in debarment reconsideration
The FSP was entitled, on the information before it, to conclude that the rep no longer satisfied the fit and proper requirements.
Transfer of client data justified debarment, Tribunal finds
Transferring client data to a personal, unauthorised account is sufficient to undermine the trust and integrity required of a representative.
Two-pot reform does not unlock vested RA benefits – Tribunal
The system introduced limited access to savings components, but it did not change the longstanding withdrawal restrictions applicable to RAs.
Debarment set aside after Tribunal flags timing discrepancies
The effective date recorded on the FSCA’s register pre-dated any opportunity to make representations.
Two-pot amendments resolve uncertainty for older provident fund members
The Revenue Laws Amendment Act settles the treatment of provident and provident preservation fund members aged 55 or older on T-day.
COIDA overhaul: what workplaces need to know about injury claims and compliance
Recent COIDA amendments overhaul workplace safety, claims, and compliance rules, creating new obligations for employers and expanded rights for employees.
FSTC sets February deadline for 2025 B-BBEE reporting
The extent of the reporting obligation is determined by the category under which an institution falls.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
Employers face dual enforcement for non-payment of retirement contributions
The Minister of Employment and Labour removes a 2003 exemption that shielded employers from labour-inspector oversight.
