Posted on 23 Oct 2018
Although the requirement to implement a Risk Management and Compliance Programme (section 42 of the FIC Act) came into effect on 2 October 2017, accountable institutions have been granted some time to implement this. Accountable institutions are reminded that they must have fully adopted and implemented an RMCP by 2 April 2019.
Posted on 23 Oct 2018
The Financial Intelligence Centre has published an unofficial text of the Financial Intelligence Centre Act and the Money Laundering and Terrorist Financing Control Regulations. This publication is a consolidation of various anti-money laundering and counter-terrorism financing legislation and includes the Prevention of Organised Crime Act as well as the Protection of Constitutional Democracy against Terrorist … Continued
Posted on 23 Oct 2018
In the 15 years since the FIC was established, appreciation and awareness of the value of financial intelligence has grown and evolved. The Financial Intelligence Centre serves an integral part in strengthening the financial integrity of South Africa and their reports are valuable to criminal investigations. The FIC has published their Annual Report indicating the … Continued
Posted on 23 Oct 2018
Financial crime has become increasingly sophisticated. Criminals often venture several avenues to bypass the financial system, including cyber-attacks, cryptocurrency transactions and even kidney donor charity scams. The FIC published an insightful booklet, Typologies – September 2018, which highlights some of the methods criminals use to abuse the financial system. The Typologies booklet also provides tips … Continued
Posted on 23 Oct 2018
Short-term advisors who charge clients an agreed fee in addition to commission will need to ensure the fee complies with Rule 12.4.1 of the Policyholder Protection Rules (PPR) before an insurer can collect the fee on behalf of the advisor. The Rule, which comes into effect on 1 January 2019, following the repeal of Section … Continued
Posted on 23 Oct 2018
This Consultation Paper was published by the FSCA on 31 July 2018 to obtain public commentary on the Draft Exemption of Services under Supervision. The Draft Exemption allows a Representative who does not fully meet the competency requirements to work under supervision subject to compliance with certain conditions. Masthead has published a short series of … Continued
Posted on 23 Oct 2018
Government Gazette No. 41947 published on 28 September 2018 contains two Notices from National Treasury. The Notices relate to commencement dates of the Financial Sector Regulation Act (FSRA) and the commencement date of the repeal of various sections of the Long-term and Short-term Insurance Acts. Key points of the Notices Chapter 14 of the FSRA … Continued
Posted on 23 Oct 2018
A lot has been written about the new Fit and Proper requirements contained in Board Notice 194 of 2017, but we still find a number of questions and uncertainty around Product Specific Training (PST). So, in this article we unpack PST in more detail. If we look at the definition of PST in BN 194, … Continued
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