FIC cannot rely on pre-2022 non-compliance in attorney sanctions, High Court finds
Penalties cannot be based on periods before the FIC assumed supervisory authority, and remediation must be fully considered when imposing sanctions.
#remediation
Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
FIC cracks down on non-compliant accountable institutions
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.
