I-FSCA ifumanise ukuba zombini iifemu azinabuchule bokulawula umngcipheko, kubandakanywa ii-RMCPs ezinqongopheleyo, inkuthalo ephantsi yabathengi, kunye nokusilela ukuhlola ngokuchasene noluhlu lwezohlwayo.
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.
An RMCP must set out the processes for identifying, investigating, and reporting suspicious transactions, and for screening clients against the sanctions lists.
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.
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
