Second take: Joint Standard on IT governance and risk management
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
Prudential Authority
Joint Standard on how financial institutions should manage their IT risks
Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.
Sasfin fires employees implicated in money-laundering investigation
The South African Reserve Bank intends to impose sanctions for alleged contraventions of FICA, the Exchange Control Regulations, and the Banks Act.
Supreme Court of Appeal sends a clear warning about non-compliant group schemes
SCA rules on the dispute between KGA Life and Multisure that arose after the cancellation of the intermediary agreement.
The FAIS Ombud has some good news for FSPs
The FSCA and the FAIS Ombud have announced their proposed levy and fee increases for 2024/25.
Tribunal and PA failed to address ‘whistleblower’s’ applications properly
Judge says the FST did not follow a fair procedure when it summarily dismissed the reconsideration application.
PA publishes draft guidance notes for banks and insurers on climate-related risks, disclosures
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
PA publishes draft amendments to the commercial paper exemption notice
One of the proposals is to reduce the term structure of commercial paper issuances.
PA and Sarb apply for the final liquidation of Habib Overseas Bank
The curator finds there are no reasonable prospects that the bank can be rehabilitated as a going concern.
Judgment sends a warning about abusing the R1m offshore allowance
High Court rejects argument that a person can use the allowances of other individuals because the transfers were approved by an authorised dealer.
Tribunal rules on whether traditional insurers can underwrite first-party risks
Prudential Authority rejects application by Pepkor subsidiary Abacus to underwrite the risks of its parent company in addition to third-party risks.
R600m dividend: Eskom’s insurance captive asks for fine to be reconsidered
The board’s rushed decision, based on unaudited interim figures, put the shareholder’s interests above those of the policyholders, tribunal says.
Habib curatorship unrelated to overseas banking crisis, says Sarb
Habib Overseas Bank has failed to comply with financial sector regulations, including strict exchange control rules, it says.
FSCA, Reserve Bank say they will step up their anti-money laundering efforts
Accountable institutions are expected to fulfil their compliance obligations
What’s ‘new’ in the PA’s directive relating to Fica and life insurance beneficiaries?
Three things to note when it comes to customer due diligence and assessing money laundering and terrorist financing risk.
Small FSPs concerned about cost implications of proposed cybersecurity joint standard
Regulators say the revised version takes these concerns into account.
Tribunal slashes penalties imposed on the Land Bank’s insurance companies
Prudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.
