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Tag Archives | Penalty

mirror-trading

FSCA agrees to reconsider R50m fine on Mirror Trading International

The FSCA has agreed to reconsider the R50 million penalty it imposed on Mirror Trading International (MTI) for conducting unregistered financial services business in contravention of the FAIS Act. The Financial Services Tribunal published the consent order, dated 13 April, in terms of which both parties have reached an agreement in terms of which the […]

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fine

FIC fines Krugerrand, motor dealers more than R12 million

The Financial Intelligence Centre (FIC) this month imposed administrative sanctions against a Krugerrand dealer and seven motor vehicle dealerships for non-compliance with the Financial Intelligence Centre Act. The FIC said the imposition of an administrative sanction does not imply that an institution has facilitated money laundering or terrorism funding transactions. The FIC fined Randburg Coin […]

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Whistleblower

Causal Event Charges Challenged – Part I

We recently came across an example of just how loaded the dice are against clients wishing to effect section 14 transfers. When requesting a quote for such a transfer, the client was informed that the causal event penalty would amount to R9 839.50. Consider this: The contract is a single premium retirement annuity which incepted on 1 March 1990. The […]

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FAIS Ombud

Enforcement Action against Short-term Insurer

The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 of the Short-term Insurance Act of 1998 (STIA). From September 2014 to January 2015 the insurer offered a premium waiver for the […]

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