Anti-Money Laundering and Combating Terrorism Financing

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On 02 April 2025 the Financial Sector Conduct Authority issued a press release setting out the administrative sanctions it had issued to three more financial services providers. The sanctions follow a continued trend by the FSCA to supervise the anti-money laundering and counter-terrorist financing efforts of the financial services industry and penalise any non-compliance found.

In response to South Africa’s greylisting, the South African government implemented the General Laws (Anti Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 to amend four different acts, one of which was the Trust Property Control Act, 1988.

Amendments to the Trust Property Control Act introduce additional administrative and disclosure duties…