29 October 2019 Archives

Reminders – 29 October 2019

Posted on 29 Oct 2019

Deadline for payment of Levies FSPs are reminded that the FAIS Levy Invoices should have been received with payment due by 31 October 2019.  If an FSP has not received their invoice, we suggest that they contact the FSCA to request that this be re-sent to them. Failure to pay levies timeously can result in licence suspension. … Continued

FIC publishes DRAFT Public Compliance Communication 103 on non-profit organisations

Posted on 29 Oct 2019

The Financial Action Task Force (FATF) have identified non-profit organisations (NPOs) as entities which are vulnerable to abuse by criminals for terrorist financing and money laundering. In light of this, the Financial Intelligence Centre (FIC) recently published the draft Public Compliance Communication 103 (draft PCC 103) which provides guidance to the NPO sector, NPO Regulators … Continued

FIC and FATF Notices

Posted on 29 Oct 2019

The Financial Intelligence Centre (FIC) recently published two notices on their website from the Financial Action Task Force (FATF) namely: FATF public statement on jurisdictions with strategic anti-money laundering (AML) Counter-terror financing (CFT) deficiencies and the FATF ongoing process to improve global AML/CFT compliance 1. FATF public statement on jurisdictions with strategic AML/CFT deficiencies – … Continued

New Promotion of Access to Information Rules

Posted on 29 Oct 2019

New rules in terms of the Promotion of Access to Information Act 2 of 2000 (PAIA) have been published and come into operation on 4 November 2019. The rules set out the procedure for application to court which must be followed in all applications relating to section 78 of PAIA. Section 78 of PAIA pertains to … Continued

FSCA Press Release: FSCA imposes administrative penalty and debars Key Individual for 10 years

Posted on 29 Oct 2019

The FSCA recently published a Press Release warning the public against Fern Finance (Pty) Ltd (Fern). Fern was previously licensed by the FSCA as a Financial Services Provider (FSP) but had its licence withdrawn on 10 October 2019 for failure to comply with the provisions of the FAIS Act and for contravening section 7(1) of … Continued

Dealing with complaints and repudiated claims

Posted on 29 Oct 2019

FSPs can take steps to avoid a situation where they are facing a FAIS Ombud complaint after an insurer declines a client’s claim. There are examples where FSPs help their clients to submit a claim to the insurer and it backfires. The insurer repudiates the client’s claim, so the dissatisfied client looks to the advisor … Continued

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Mastering Compliance Newsletters

29 October 2019

Reminders – 29 October 2019

FIC publishes DRAFT Public Compliance Communication 103 on non-profit organisations

FIC and FATF Notices

New Promotion of Access to Information Rules

FSCA Press Release: FSCA imposes administrative penalty and debars Key Individual for 10 years

Dealing with complaints and repudiated claims

EARN CPD HOURS

Mastering Compliance Newsletters

29 October 2019

Reminders – 29 October 2019

FIC publishes DRAFT Public Compliance Communication 103 on non-profit organisations

FIC and FATF Notices

New Promotion of Access to Information Rules

FSCA Press Release: FSCA imposes administrative penalty and debars Key Individual for 10 years

Dealing with complaints and repudiated claims

EARN CPD HOURS

MASTHEAD IS

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