SARB proposes ARP regime to formalise alternative remittance channels
The draft ARP Manual introduces licensing, capital, and AML/CFT obligations for informal remittance providers.
Compliance and Legislation
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.
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Draft FIC directive proposes detailed location reporting
Accountable institutions will have to provide comprehensive information on the location of their operations when registering with the Financial Intelligence Centre.
FSCA licenses most crypto provider applicants – as enforcement tightens
The rising number of investigations and inspections underline a shift from registration to active supervision.
SARB softens exchange control rules, but barriers for non-residents remain
The Reserve Bank has partially reversed its exchange control changes, removing tax-clearance requirements for some non-resident income flows. However, restrictions on rental income and directors’ fees remain in place.
Tribunal upholds debarment despite rep’s remorse and financial hardship
The falsification of an insurance claim and improper referral payments are incompatible with the fit and proper requirements.
Banxso licence withdrawal – FST dismisses reconsideration bid
The Tribunal dismisses separate applications brought by Banxso and four executives, saying they lack legal standing.
