SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
#customerduediligence
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
SA Reserve Bank fines Grindrod Bank R10.73m for FICA non-compliance
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
