Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
Compliance and Legislation
Videos
Watch: MBSE launches RE training for FAIS representatives
Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Consumers should inform themselves before they transact, says FAIS Ombud
The Office has sorted out the ‘embarrassing’ backlog of cases John Simpson inherited and has set timeframes for resolving complaints.
Positive amendments to VAT regulations relating to electronic services
The amendments will relieve offshore companies from VAT registration when supplying services to domestic vendors, aligning SA with global best practice.
FSCA publishes ‘two pots’ guidance for defined-benefit funds
If a fund cannot follow the standard allocation methods, it must apply for FSCA approval to use an alternative, reasonable method.
Twins born from donor sperm outside marriage not legal dependants
Sperm does not a father make and being a biological parent does not confer absolute rights, according to a ruling by the Pension Funds Adjudicator.
FIC publishes finalised guidance on beneficial ownership
Public Compliance Communication 59 has been issued following two rounds of public consultation.
Animated video explains the two-pot retirement system
It is accompanied by three brochures that unpack different aspects of the two-pot system in more detail.
Tweaking needed to tighten anti-avoidance rules on loans to trusts
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
Broker debarred for adding property to policy after it was set on fire
The house, which belonged to the broker’s brother, was set alight after the sheriff served an eviction letter on the occupant.
When does the countdown for tracing a fund member’s dependants start?
High Court hands down a decision on the interpretation of the tracing provision in section 37C of the Pension Funds Act.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
SARS clarifies change to retirement fund contribution deduction
If a person’s year of assessment is less than 12 months, the allowable retirement contribution deduction will be applied pro rata.
Tribunal ruling underscores directors’ obligations regarding financial statements
FST upholds the JSE’s decision to fine Tongaat Hulett’s former CFO R6m and bar him from holding office as a director of a listed company for 10 years.
Important aspects of the Companies Amendment Acts
The Companies Amendment Act provides for more disclosure by companies, and the Companies Second Amendment Act extends the time bars to applications for director delinquency and proceedings to recover loss due to director liability.
Tribunal upholds FSCA’s debarment of adviser accused of stealing clients’ money
The former Old Mutual adviser claimed the complainants were not his clients but his relatives who had agreed to lend him the money.
Recording of Moonstone Compliance’s FICA webinar is available
Moonstone Compliance offers a range of services in respect of FICA and anti-money laundering compliance aimed at accountable institutions.
FSCA notices in respect of competency/fee and FAIS Act exemptions
The Authority also agrees to reconsider its decisions to withdraw the licences of four entities.
