FICA penalties for three financial institutions total R35.6m
The sanctions against Capitec, Ninety One Assurance, and Albaraka arose from inspections conducted between 2021 and 2023.
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Three FSPs sanctioned over FICA compliance failures
The sanctions cover a range of shortcomings, from deficient RMCPs and customer checks to sanctions screening, registration, and failures to provide information.
FIC revises annual RMCP deadlines in final Directive 12
The affected institutions face October deadlines, while the consultation feedback provides guidance on how the requirement applies in practice.
Treasury holds largely firm on AML Bill after public submissions
Two limited FICA changes were indicated, while the FSCA explained why the financial-sector provisions would not be amended.
Tribunal sets aside Sanlam debarment over client cash deposits
The adviser breached Sanlam’s internal cash-handling rule, but the conduct did not establish a lack of honesty and integrity.
Proposed beneficial owner rules bring fresh scrutiny for financial institutions
Institutions will have to identify and verify owners, assess their honesty and integrity at least every two years, and report beneficial-owner information to regulators.
Law Society calls for safeguards as AML Bill expands regulatory powers
Its submission to Parliament highlights concerns about lifestyle audits, information sharing, beneficial ownership, and administrative fines.
FIC finalises Guidance Note 7B after industry feedback
The final Guidance Note makes targeted changes, but the regulator’s feedback discloses how it weighed industry concerns and refined key aspects of the guidance.
Banxso, Medbond, and Steinhoff drive FSCA penalties to R2.9bn
The Regulatory Actions Report shows how the Authority is combining penalties, licence withdrawals, and debarments to tackle serious misconduct.
FIC flags filing errors as RCR deadline closes
Many institutions have left registration too late, submitted the wrong documents, or filed branch returns instead of consolidated legal entity returns.
FIC proposes annual RMCP submissions for selected institutions
The draft directive will introduce a new recurring compliance obligation, with updated programmes also having to be lodged within 10 business days of approval.
FIC clarifies geographic reporting rules in final Directive 10
The Centre has refined the directive’s scope and addressed concerns over its legal basis, administrative burden, and practical application.
Is your leadership team equipped to oversee FICA compliance?
Moonstone Compliance’s executive training gives decision-makers the knowledge to manage regulatory risk, exercise effective oversight, and strengthen governance.
FIC warns of penalties after poor RCR compliance
Less than half of the first group of accountable institutions had submitted their returns by mid-July, while submissions from the second group are low.
SARB fines Southeast Exchange R600 000 for FICA failures
An inspection by the South African Reserve Bank uncovered shortcomings in a foreign exchange dealer’s anti-money laundering compliance framework.
Parliament calls for comment on AML/CFT reform Bill
Stakeholders have until 10 August to comment on proposed amendments aimed at strengthening South Africa’s financial crime framework.
Registration closes on Monday for Moonstone’s Regulatory Update Webinar
With COFI on the horizon, the webinar will unpack its practical implications alongside key regulatory, enforcement, and FICA developments.
