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.
Compliance and Legislation
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.
FIC issues ‘final demand’ to accountable institutions to comply with Directive 6
The applicable designated non-financial businesses and professions that do not submit a risk and compliance return face administrative sanctions.
Forex trader seeks to have R20m fine and 20-year debarment reconsidered
Craig Massyn submits the penalties imposed on him were disproportionately large compared to those imposed on the other directors of the Praesidium Group.
FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
Harsher consequences for not filing cross-border EFT reports with FIC
Two sections of the Financial Intelligence Centre Amendment Act have come into effect.
TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
New Trustee Training Toolkit will come online in September
A trustee must attain TKK certification within six months from the date of appointment or election to the board.
Public hearings on two-pot retirement system in September
The National Assembly’s Standing Committee on Finance has announced the deadline for submissions on various pieces of draft tax legislation.
Potential threat to South Africans who earn an income from foreign employers
A proposed amendment to the Income Tax Act will require foreign employers to withhold employees’ taxes.
