Tribunal sets aside debarment of rep who copied and pasted a client’s signature
An affidavit from the client contradicts the bank’s version that the representative acted fraudulently.
Compliance and Legislation
FSCA discloses how many crypto licence applications it is processing
Some 20% of the applications received by the end of October were withdrawn for various reasons.
Study looks at impact of grey-listing on stock market returns
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
FATF releases report on SA’s progress with addressing compliance deficiencies
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Draft guidance on how accountable institutions must comply with their financial sanctions obligations
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
Comply with Directive 7 by Friday or face the consequences, says FIC
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
FSCA publishes extensive draft Conduct Standard for CIS managers
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
Treasury clarifies aspects of the renewable energy tax incentive for businesses
Lessors that invest in qualifying assets that are leased to lessees under operating or finance lease arrangements will be able to benefit from the incentive.
FIC issues draft risk assessments for company service providers and dealers in precious metals and stones
The risk assessment reports are intended to help accountable institutions understand their money laundering and terrorism financing risks.
South Africans abroad must review their Sars profiles for tax compliance
The South African Revenue Service is flagging tax returns that have not been filed and where it has third-party information available to it.
Two pots: MPs envisage staggered implementation
The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.
LIVE UPDATE | MPs insist two-pot system be implemented on 1 March 2024
The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.
National Financial Ombud set to start in January 2024 – draft rules and MOI published
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
Second take: Joint Standard on IT governance and risk management
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
FIC publishes draft guidance on how accountable institutions can identify beneficial ownership
The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
Joint Standard on how financial institutions should manage their IT risks
Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.
