Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
#customerduediligence
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HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
SA Reserve Bank fines Grindrod Bank R10.73m for FICA non-compliance
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
