FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
Read moreThe inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Two insurance brokers found themselves under the scrutiny of the Labour Court, as they were called to account for soliciting clients from their previous employer.
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
Independent intermediaries must adhere to the conditions if they want to rely on the exemptions from the regulations under the Short-term and Long-term Insurance Acts.
The regulator says its ‘leniency regarding direct marketing through unsolicited electronic communications is going to be a thing of the past’.
The Draft Global Minimum Tax Bill aims to enforce a 15% multinational top-up tax on multinational enterprise groups, aligning with global efforts to implement a comprehensive system of minimum taxation.
The draft regulations for sector-specific numerical targets raise legal questions amid the upcoming amendments to the Employment Equity Act.
Insisting on a formal hearing at the Tribunal, and then not attending it, may have unpleasant consequences.
The 75% investment limit in Board Notice 52 inadvertently excluded the establishment of retail feeder hedge funds as a portfolio style.
The High Court confirms that an acknowledgment of debt, even if not directly made to the creditor, interrupts the time limit for legal action.
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.