FIC highlights money laundering risks in the accountancy sector
The aim of the draft risk assessment is to help accountants understand the sector’s money laundering and terrorism financing vulnerabilities.
Compliance and Legislation
More amendments on the table to get SA off the grey list
One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.
Discovery Connect acts against sales agents who manipulated clients’ policies
The Financial Services Tribunal hears the reconsideration applications brought by three of the 15 implicated agents.
Man who married four wives loses claim to 50% of his first wife’s pension interest
The first wife bought wedding dresses for the third and fourth wives, but this did not prove that she consented to the marriages.
Two defective intention notices scupper representative’s debarment
FNB argued the Tribunal should accord greater weight to the severity of the rep’s misconduct than to ‘procedural mis-steps’.
High Court rules on regulator’s bid to stop prepaid healthcare vouchers
The Registrar believes the products sold by Netcare Plus and Discovery Health constitute the business of a medical scheme.
Must a retirement fund impose a timeline on an employer to institute civil proceedings?
More than a year passed between the employer indicating that it reserved its right to withhold a former employee’s withdrawal benefit and instituting civil proceedings against him.
Tribunal: a CCMA case has nothing to do with debarment
The FST emphasises that labour-related and FAIS-related matters are distinct.
Is your website using the correct PAIA forms?
Some private and public bodies are still using the forms that were repealed two years ago, the Information Regulator says.
Share buybacks have a place, but taxpayers should tread carefully
The South African Revenue Service has introduced measures to prevent abuse in share buyback arrangements.
Rep’s version of accessing client’s account ‘doesn’t ring true’, says Tribunal
The FST questions why he would take a call on his private cellphone from a friend of a friend and access confidential information without authority.
S&P Global in SA contravened requirements to disclose withdrawal of a credit rating
The contravention came to light during an on-site inspection by the FSCA.
Any parent is entitled to four months’ parental leave, rules High Court
The Court declared sections of the Basic Conditions of Employment Act and the Unemployment Insurance Fund Act unconstitutional for unfairly discriminating against mothers and fathers, and surrogate and adopting parents when it comes to ‘maternity leave’.
National Treasury proposes more changes to the two-pot retirement system
Delaying the implementation date and raising the seeding cap are among the announcements and clarifications.
What consumers should know about vehicle repossessions
The Ombudsman for Banking Services sets out the legal position regarding prescription, repossession, and a voluntary surrender.
FSCA to verify information about the significant owners of FSPs, CIS managers
The fingerprints of affected individuals may be taken to check information such as their qualifications and criminal records.
FIC issues guide on the definition of a ‘legal practitioner’
Public Compliance Communication 47A also provides examples of money laundering and terrorist financing risk indicators for legal practitioners.
