
R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
Following widespread challenges with its e-portal, the FSCA has re-opened submissions for its Directive to Provide Information.
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
As the regulatory framework develops, many questions remain – particularly around whether all tokens, from fungible coins to unique NFTs, will be regulated the same way.
The Authority says its investigation raises concerns about aggressive sales tactics, unrealistic returns, and significant losses by clients.
The Financial Intelligence Centre’s sector final risk assessment report for crypto asset service providers is set to be published in the new financial year.
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
The owner of MIKA Finansiele Dienste emphasises that waiting for an audit before getting your house in order can have costly consequences.
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
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The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
Public Compliance Communication 59 has been issued following two rounds of public consultation.
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
Moonstone Compliance offers a range of services in respect of FICA and anti-money laundering compliance aimed at accountable institutions.
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