FIC’s Guidance Note 7A raises the bar for compliance
The Guidance Note reflects significant amendments relating to an accountable institution’s RMCP.
#RiskManagementandComplianceProgramme
FIC publishes revised RMCP guidelines
Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
Prudential Authority fines major bank R13m for FICA non-compliance
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
FSCA fines two financial firms R1.2 million for FICA compliance failures
Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.
FSCA slaps R2.2 million in fines on FSPs for FICA violations
The FSCA highlights the role of RMCPs in safeguarding financial institutions and the financial system after compliance breaches by two FSPs.
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 tightens crypto asset compliance with ‘travel rule’ directive
Starting 30 April 2025, CASPs and FSPs will have to collect and share detailed client information when engaging in crypto transfers.
R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
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.
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.
