HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
#RiskManagementandComplianceProgramme
Adjudicator to propose holding trustees personally accountable for non-payment of contributions
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
Videos
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Animated video explains the two-pot retirement system
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Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Small FSP that was fined R1.1m shares four lessons in FICA compliance
The owner of MIKA Finansiele Dienste emphasises that waiting for an audit before getting your house in order can have costly consequences.
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.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Third opportunity to comment on revised RMCP guidelines
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
FSCA fines asset manager R16m for FICA non-compliance
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
Financial services provider slapped with R400 000 fine for FICA violations
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
SA Reserve Bank fines Grindrod Bank R10.73m for FICA non-compliance
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
