FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
Compliance and Legislation
FIC seeks further input on guidance for money or value transfer service providers
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
Reporting Directive for cross-border transactions issued
Directive 3A and PCC 50A set clear guidelines for accountable institutions on reporting international funds transfers and handling reporting failures.
Increase in penalty for late insurance returns
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
Finalised Conduct Standard for financial education released
In response to stakeholder concerns over increased costs, the FSCA says the requirements can be scaled to each institution’s size and complexity.
Revised draft standard for disclosure of short sales open for comment
The new draft introduces a phased approach, initially focusing on positional reporting to overcome challenges identified in earlier consultations and to enhance oversight of short selling.
Amended Conduct Standard for section 14 transfers takes effect
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
FSCA says new digital platform will streamline compliance and regulation
IRS, which is set to go live in 2026, will leverage smart analytics to automate risk assessments and provide a comprehensive view of regulated entities.
Tribunal rules against former Sanlam representative in signature dispute
The Financial Services Tribunal dismisses a reconsideration application by a former representative who claimed a client e-signed documents in person.
The effective use of disclaimer notices and clauses to exclude liability
Recent cases reaffirm that disclaimer notices must be prominently displayed and clearly worded to be enforceable, ensuring that consumers are adequately informed of their rights and risks.
Customer complaints: FSCA tells banks to raise their game
A review finds significant lapses in the banks’ complaint management – from inconsistent categorisation to poor record-keeping and communication.
FIC opens consultation on updated IFTR guidelines
The Financial Intelligence Centre (FIC) has issued published Draft Directive 3A and Draft Public Compliance Communication 50A for public consultation.
VAT hike | Guidance for businesses on supply rules and timing
How the general and specific time-of-supply rules will determine whether transactions fall under the existing 15% VAT rate or the increased rate.
Life insurer debars rep who ‘went off-script’ during sales call
The agent repeatedly deviated from the approved product script. Previous warnings and documented missteps played a key role in the decision.
Debarment set aside as Tribunal distinguishes negligence from dishonesty
The case highlights that debarment is reserved for instances of clear, intentional breaches of integrity, not mere negligence.
New earnings threshold on 1 April – what this means for employees
If you earn above the threshold, certain provisions of three pieces of labour legislation no longer automatically apply.
FIC accepting RMCPs after the 12 March deadline
But institutions that file their RMCPs after the deadline are regarded as non-compliant and may be sanctioned.
