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.
Compliance and Legislation
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.
FIC urges businesses to simplify compliance: ‘focus on risks, not paperwork’
Accountable institutions should adopt practical, risk-based RMCPs tailored to their operations, rather than relying on lengthy templates.
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Multimillion-rand penalties levied across Medbond Group
The FSCA imposes a R197m fine on Medbond Insurance Brokers and its principal, whom it debarred for 30 years.
R12.6m fine, 15-year ban send strong warning on unauthorised insurance
The FSCA’s investigation concluded that South African Relocations and The Relocations Group offered marine insurance without registration.
Twenty-year debarment and R9m fine for unauthorised ‘forex trading’
The Authority found that most investor funds were used to pay ‘returns’ to other investors and cover personal expenses.
Transitional delegations under the FSRA pushed to 2028/29
New end-dates extend the temporary allocation of certain supervisory duties to the FSCA and PA while regulatory frameworks are finalised.
Stricter reporting obligations for crypto-asset transactions
From 1 March, new frameworks will impose expanded due diligence and information-exchange obligations on exchanges, custodians and banks.
Levy increases for 2025/26 lower than initially proposed
Moonstone’s levy calculator enables FSPs to find out quickly how much they will pay to the FSCA, FAIS Ombud, and Tribunal.
Tribunal sets aside OUTsurance debarment over evidentiary gaps
The insurer did not provide supporting documents or call recordings that could resolve the material disputes of fact.
FICA compliance webinars for crypto firms
The FSCA has uploaded recordings of its five-part webinar series aimed at helping CASPs meet their FICA obligations.
Licences of Medbond Insurance and Medbond Markets withdrawn
The Authority’s investigation found that Medbond Insurance advised its clients to invest in non-existent financial products.
