
Insurance quote manipulation: Tribunal orders Discovery to reconsider debarments
The onus lies with the FSP to prove the facts it relies upon to debar its representative on a balance of probabilities.
The onus lies with the FSP to prove the facts it relies upon to debar its representative on a balance of probabilities.
Over half of the awards issued by the Pension Funds Adjudicator for complaints about unpaid contributions were affected because part of the claim had expired.
The Authority responds to media statements by entities claiming to be the first or only licensed institutions.
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
The ruling makes the Tax Courts more accessible, but there are risks to taking on SARS without a qualified and experienced legal representative.
The FSCA found that Shoayb Joosub offered financial services to about 270 Sukuk clients through Anglorand Islamic without being authorised as a representative.
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
Medsafu’s letters alerted the applicant that the outcome of the process may include debarment, the Tribunal finds.
A missing person’s affairs are in legal limbo until a death certificate is issued or the High Court makes a presumption of death declaration.
A failure to comply with specific BEE thresholds outlined in transformation plans could lead to the Authority withholding licences.
Nirvesh Financial Services was also penalised for failing to ensure that its representatives, Veracity and its directors, complied with the applicable laws.
Investors were promised returns of up to 400%, but there was no legitimate financial product or investment activity, the FSCA says.
The Authority will deem financial statements and other reports as outstanding until they are correctly captured and submitted on the FAIS e-Portal.
The Financial Intelligence Centre has revised the reports first issued in March 2022.
Coenraad Botha and his wife are facing 64 charges in Namibia related to an alleged illegal investment scheme involving N$163 million.
A new approach may be required to how financial institutions are remunerated for services rendered in respect of unclaimed assets, the Authority says.
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
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