Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreFSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
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.
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.