US court orders SA ‘multilevel marketing scam’ to pay R32bn to victims
The order against MTI is in addition to the R65bn in penalties imposed on founder and CEO Johann Steynberg earlier this year.
Compliance and Legislation
A summary of Sars’s VAT modernisation discussion document
Sars has published a discussion paper on its intended modernisation of the VAT collection system, which will ultimately make VAT reporting faster and more transparent.
Tribunal sets aside Capitec’s debarment of a rep who joined a competitor bank
The jurisdictional fact required for the debarment was absent.
Retirement fund must make up for a member’s lost investment growth
The member’s benefit was transferred from the money market investment into the fund’s business account.
Fraudsters pretend to represent Cyprus’s financial regulator
The FSCA’s latest warnings about entities that are impersonating authorised FSPs and stealing their licence numbers.
CMS weighs in on Discovery’s dispute with RAF over members’ claims
The Road Accident Fund’s directive is not in line with the Medical Schemes Act, the regulator says.
Proposed change to FBE exemption ‘ignores the realities of global outsourcing’
The practical challenges associated with applying the amendment will make it difficult for SA multinationals to qualify for the tax exemption.
Insurance group goes to High Court to challenge debit order reversals
Clientèle wants the Payments Association of South Africa to change its rules so that it can contest a debit order reversal.
Director fails to halt publication of JSE censure that includes R2m fine
JSE releases its findings of Khalid Abdulla’s role in AYO’s related-party transactions with 3 Laws Capital and changes to its 2018 unaudited interim results.
Nedbank attempts to join law firm as defendants in R2.94m email fraud case
Couple allege the bank said it would freeze the account when it became aware of the fraudulent transaction.
FSCA names employers that owe retirement fund contributions
The document lists 3 262 employers that are at least four months in arrears – and the worst offenders are 20 years behind.
Income distributions to non-resident beneficiaries may be taxed twice
An amendment to the Income Tax Act makes it easier for Sars to collect taxes owed by tax non-resident beneficiaries of South African trusts.
Dis-Chem disputes Information Regulator’s findings about data breach
IR orders retail pharmacy chain to secure customers’ data and comply with Popia or face a fine of up to R10 million.
Representative debarred for submitting falsified Uber receipts
The Tribunal reiterates that FSPs should not issue a debarment purely on the outcome of a disciplinary hearing.
FSP ‘failed to act’ against reps implicated in hundreds of policy fraud cases
Mbalane Financial Services tells the Tribunal it was entitled to wait for a final forensic report from Old Mutual.
Tribunal and PA failed to address ‘whistleblower’s’ applications properly
Judge says the FST did not follow a fair procedure when it summarily dismissed the reconsideration application.
Failure to meet Fica provisions costs FSP R400 000
The Appeal Board’s decision underscores the crucial role of risk management and compliance in the financial sector’s battle against money laundering and terrorism financing.
