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Archive | Compliance and Legislation


Healthcare Broker Accreditation – CMS provides clarity about qualification requirements

The Financial Sector Conduct Authority (Authority) has recently received numerous queries and complaints from compliance officers, FSPs and medical scheme brokers indicating that the Council for Medical Schemes (CMS) refused to renew the accreditation of brokers who are unable to produce a Grade 12 National Certificate or equivalent. Was there a change in the accreditation […]

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FSCA and Sanlam enter into enforceable undertaking

The Financial Sector Conduct Authority (FSCA) has taken regulatory action against Sanlam Collective Investments (RF) (Pty) Ltd. This follows the findings of the FSCA’s investigation into Sanlam and its administered fund, the Tresor Sanlam Collective Investment Equity Fund. What lead to the regulatory action? Board Notice 90 of 2014 (BN90) determines the requirements for portfolios […]

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FIC reporting failure guidelines issued

The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data when remediating and preventing reporting failures. According to the Centre, PCC 50 was made available for consultation comment by accountable institutions, supervisory […]

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FIC guidance on risks related to geographical areas

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 49 (PCC 49) that provides guidance on certain money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risk considerations and provides suggested resources that may be consulted in determining the ML/TF/PF risk related to geographic areas. Last year, Draft PCC 110 was made available […]

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CPD requirements – Deadline approaching

Last year the The Financial Sector Conduct Authority (FSCA) recognised the challenges presented by the Covid-19 pandemic and the impact on the completion of any planned CPD offerings. To assist financial advisers in 2020, an extension of deadlines were granted to enable those who had not obtained the requirement by 31 May 2020, to meet […]

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Countdown to POPIA compliance

With less than 100 days to the deadline for public and private bodies to ensure that the processing of personal information conforms to the Protection of Personal Information Act (POPIA), the Information Regulator (IR) announced the prioritisation of certain processes in preparation for the full implementation and enforcement of POPIA on 1 July 2021. 1. […]

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FIC Public Compliance Communication 12A provides guidance on outsourcing of compliance activities to third parties

In June 2020, the Financial Intelligence Centre (FIC) called for comments from accountable institutions, reporting institutions, supervisory bodies, and other persons, as discussed in a Moonstone article titled “Draft Public Compliance Communication 12A – Guidance on outsourcing of compliance activities to third parties”. These comments have now been considered and as a result the FIC issued […]

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