Does force majeure still apply when sanctions make performance illegal?
The rise of sanctions is testing force majeure clauses, with outcomes hinging on drafting precision and legal context.
sanctions
FIC tightens crypto rules: ‘no data, no transfer’ standard emerges
New guidance forces CASPs to verify and transmit transaction data in real time – or halt the transfer.
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.
Geopolitical conflict | South African insurers urged to reassess exposure
An interconnected conflict environment is driving risks, with local insurers advised to review policy wording, reinsurance arrangements, and portfolio concentrations.
Geopolitical conflict raises questions about war exclusions in insurance policies
Businesses and travellers should review how war exclusions, sanctions clauses, and territorial limits may affect cover, says PSG.
Ii-FSPs ezigwetyelwe ukusilela kwe-FICA – zohlwaywe zonke imali engange-R700 000
I-FSCA ifumanise ukuba zombini iifemu azinabuchule bokulawula umngcipheko, kubandakanywa ii-RMCPs ezinqongopheleyo, inkuthalo ephantsi yabathengi, kunye nokusilela ukuhlola ngokuchasene noluhlu lwezohlwayo.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
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.
What a new world order might mean for the global economy
The war in Ukraine is having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was […]
The impact of the Russia-Ukraine war on SA business insurance
The Russia-Ukraine conflict has set in motion a domino effect that continues to have widespread consequences for several sectors, including the local insurance industry. All insurers have war clause exclusions for acts of […]
