Three FSPs sanctioned over FICA compliance failures
The sanctions cover a range of shortcomings, from deficient RMCPs and customer checks to sanctions screening, registration, and failures to provide information.
Compliance and Legislation
FSCA withdraws My Wealth Dias penalty and Coetzee debarment
The regulator will refer Banks Act findings to the Prudential Authority and reconsider action against Charl Coetzee in light of additional information.
FIC revises annual RMCP deadlines in final Directive 12
The affected institutions face October deadlines, while the consultation feedback provides guidance on how the requirement applies in practice.
New IT and cyber incident reporting template now in effect
The reporting framework requires financial institutions to assess materiality promptly and provide regulators with information even while an incident is being investigated.
Health insurance benefit increases for 2026 published
The annual benefit escalations for policies that fall under the Demarcation Regulations.
Information Regulator sounds alarm over data breaches
The Regulator highlights the scale of security incidents, direct-marketing concerns, enforcement cases, and weaknesses in the legislative framework.
A paradigm, not an upgrade: Understanding the socio-technical shift of agentic AI
The emergence of AI systems capable of planning and acting autonomously presents a governance challenge that cannot be addressed simply by treating them as more advanced technological tools.
SARS ruling sheds light on offshore trust loans
BPR 430 considers a proposed distribution and set-off of reciprocal loan claims, but its tax outcome is confined to the particular facts presented to SARS.
Treasury holds largely firm on AML Bill after public submissions
Two limited FICA changes were indicated, while the FSCA explained why the financial-sector provisions would not be amended.
Tribunal draws line between discipline and debarment
An FSP cannot treat debarment as an automatic consequence of a disciplinary finding, the Tribunal says, setting aside a process riddled with procedural failures.
SARS begins biggest VAT reporting overhaul in decades
The shift to near real-time reporting promises better fraud detection and faster refunds, but businesses face significant technology costs and implementation challenges.
Tribunal sets aside Sanlam debarment over client cash deposits
The adviser breached Sanlam’s internal cash-handling rule, but the conduct did not establish a lack of honesty and integrity.
Regulation of Trusts Bill: Stronger powers and protections
The Bill would introduce additional safeguards for particular trust arrangements, strengthen the Master’s supervisory powers, and change the trust-termination process.
No investor harm does not mean no compliance breach
The Tribunal finds that commercial circumstances did not justify implementing a major transaction before shareholder approval.
Proposed beneficial owner rules bring fresh scrutiny for financial institutions
Institutions will have to identify and verify owners, assess their honesty and integrity at least every two years, and report beneficial-owner information to regulators.
Regulation of Trusts Bill: New duties and risks for trustees
The Bill would introduce annual reporting and accounting duties and establish a prudent-investor framework, while revising the beneficial-ownership obligations.
Last chance to register: COFI readiness for small FSPs
Moonstone Compliance will explore what the FSCA’s changing supervisory approach means for smaller practices and how they can respond proportionately.
