National Treasury has reiterated its message that changing legislation will not be enough to avert a potential grey-listing next year; the authorities will have to demonstrate commitment and progress with enforcing legislation aimed […]
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
The FSCA this week announced it has fined KEB Prosperity (Pty) Ltd R50 000 for contravening the FAIS Act for three months of last year. In a statement, the Authority said an investigation found […]
The Western Cape High Court has ordered an FSP to pay an executor the balance due on a loan of R1 million, plus costs, after rejecting the company’s defence that its obligations in […]
General Notice 1258 of 2022 – Levies on Financial Institutions was published on 29 August and effectively put paid to any further concessions from the regulator to alleviate the plight of an industry […]
The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
The JSE has disqualified Steinhoff’s former chief financial officer, Ben la Grange, from acting as a company director for 10 years and fined him a total of R2 million. La Grange served as […]
Nedbank has agreed to pay a fine of R2 million for implementing a transaction before obtaining the approval from the competition authorities, the Competition Tribunal said last week. In a statement, the authority […]
The FAIS Ombud, Advocate Nonku Tshombe, says it is impossible to blame the collapse of the Sharemax property syndications on the intervention of the South African Reserve Bank (Sarb) unless “pertinent questions” about […]
Last week, the FSCA informed subscribers to its communications that it has published, on its website, the notices of administrative sanctions that it issued to 11 FSPs for non-compliance with the Financial Intelligence […]
Chris Rea, the English rock and blues singer, has a different perspective on what the road to Hades comprises in his ode to the infamous ring road around London: She said, “Son, what […]
Minister of Finance Enoch Godongwana has published an explanatory summary of a bill that will amend five Acts of Parliament as the government moves to beef up the country’s anti-money laundering and counter […]
Blessing Utete, the managing executive of Old Mutual Corporate Consultants, spoke to Mark Bechard, the managing editor of Moonstone publications, about National Treasury’s draft legislation for the two-pot retirement system. Read: Treasury publishes […]
The Information Regulator (IR) has published a notification form, and accompanying guidelines, for reporting actual or potential security compromises, so that responsible parties can comply with their obligations in terms of section 22 […]
The eJoburg Retirement Fund has been ordered to revise a death benefit allocation after the High Court found the deceased’s alleged customary marriage was unlawful and the fund’s justification for allocating 15% of […]
Only areas of business where there was no risk of money laundering could be excluded from the ambit of the Financial Intelligence Centre Act (Fica), whereas even low-risk businesses should be accountable institutions, […]
