Posted on 14 Jun 2022
Accountable institutions, such as Financial Service Providers (FSPs), legal practitioners, and estate agents to name a few, are at risk for being targets for Money Laundering and/or Terrorist Financing (ML/TF). By knowing your clients and regularly assessing them and their transactions for the duration of your business relationship, you can prevent ML/TF from occurring in … Continued
Posted on 14 Jun 2022
In the last few months, we have seen an increase in the number of debarment cases, several of which were referred to the Financial Services Tribunal (FST), who often sets aside the debarment for a lack of adherence to procedural requirements, despite having substantial grounds to have brought that action against a representative. The FAIS … Continued
Posted on 14 Jun 2022
Background The Council for Medical Schemes (CMS) recently conducted an on-site evaluation (compliance visit) at Discovery Health (Pty) Ltd, where it was discovered that a broker was receiving ongoing commission in respect of broker services rendered to himself as a member of a medical scheme. An analysis of the definition of ‘broker services’ as defined … Continued
Posted on 14 Jun 2022
In a recent Gauteng High Court case, an appeal against the administrative sanction imposed on Sunward Motors (“motor vehicle dealer”) by the FIC Appeal board, was dismissed. Background Between 2016 and 2018, the FIC conducted two inspections on the motor vehicle dealer to assess its compliance in terms of FICA. The first inspection report submitted … Continued
Posted on 14 Jun 2022
Annual Financial Statements A reminder to all FSPs whose financial year end was 28 February 2022 to ensure that their annual financial statements are submitted to the FSCA by 30 June 2022. FSPs which are required to submit Annexure A (FAIS Notice 82 of 2015) together with their Annual Financial Statements, are reminded to do … Continued
A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.
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