Director fined R500 000 for rendering unlicensed financial services
The FSCA found that Shoayb Joosub offered financial services to about 270 Sukuk clients through Anglorand Islamic without being authorised as a representative.
Compliance and Legislation
South Africa eyes stricter reporting laws for cross-border cash movements
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.
Absence of explicit ‘notice of intention to debar’ not procedurally unfair
Medsafu’s letters alerted the applicant that the outcome of the process may include debarment, the Tribunal finds.
No death certificate, no benefit pay-out for wife
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.
Unpacking the strategic partnership between the FSCA and B-BBEE Commission
A failure to comply with specific BEE thresholds outlined in transformation plans could lead to the Authority withholding licences.
Veracity Markets hit with R10 million fine for unauthorised OTC trading
Nirvesh Financial Services was also penalised for failing to ensure that its representatives, Veracity and its directors, complied with the applicable laws.
FSCA fines MyWealth DIAS and MyWealth Method more than R73m
Investors were promised returns of up to 400%, but there was no legitimate financial product or investment activity, the FSCA says.
FSCA only accepting e-Portal submission of financial statements and returns
The Authority will deem financial statements and other reports as outstanding until they are correctly captured and submitted on the FAIS e-Portal.
Updated risk assessments for estate agents and legal practitioners
The Financial Intelligence Centre has revised the reports first issued in March 2022.
CBI director fined R216 million and debarred for 10 years
Coenraad Botha and his wife are facing 64 charges in Namibia related to an alleged illegal investment scheme involving N$163 million.
Unclaimed assets: FSCA will prioritise monitoring conflicts of interest
A new approach may be required to how financial institutions are remunerated for services rendered in respect of unclaimed assets, the Authority says.
Only days left to book for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
Stack up the evidence when claiming interest expenses
Taxpayers carrying on trade as an investment holding company should ensure they can demonstrate a high degree of involvement in the operations of the subsidiaries.
FIC issues guidance on what is ‘a high-value goods dealer’
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
New deadlines for completing the Trustee Training Toolkit
The FSCA has launched the second and final batch of the 22-module online course for board members of retirement funds.
Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
Arrear contributions: 10 employers should not have been on the list
The FSCA publishes its latest list naming thousands of entities that allegedly owe retirement fund contributions.
