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.
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
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.
The South African Reserve Bank intends to impose sanctions for alleged contraventions of FICA, the Exchange Control Regulations, and the Banks Act.
SCA rules on the dispute between KGA Life and Multisure that arose after the cancellation of the intermediary agreement.
The FSCA and the FAIS Ombud have announced their proposed levy and fee increases for 2024/25.
Judge says the FST did not follow a fair procedure when it summarily dismissed the reconsideration application.
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
One of the proposals is to reduce the term structure of commercial paper issuances.
The curator finds there are no reasonable prospects that the bank can be rehabilitated as a going concern.
High Court rejects argument that a person can use the allowances of other individuals because the transfers were approved by an authorised dealer.
Prudential Authority rejects application by Pepkor subsidiary Abacus to underwrite the risks of its parent company in addition to third-party risks.
The board’s rushed decision, based on unaudited interim figures, put the shareholder’s interests above those of the policyholders, tribunal says.
Habib Overseas Bank has failed to comply with financial sector regulations, including strict exchange control rules, it says.
Accountable institutions are expected to fulfil their compliance obligations
Three things to note when it comes to customer due diligence and assessing money laundering and terrorist financing risk.
Regulators say the revised version takes these concerns into account.
Prudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.