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.
On 31 March 2025 the Financial Intelligence Centre issued Directive 3A, accompanied by Public Compliance Communication 50A, to provide “guidance on the measures required for the mitigation of loss of intelligence data due to reporting failures.” Directive 3A replaces a substantially similar Directive 3 issued in September 2014 which dealt with the situation
This blog was co-authored by Michael McCarthy, trainee associate, litigation insurance.
On 20 March 2024 the Financial Sector Conduct Authority published a number of administrative sanctions for financial services providers who had failed to comply with the Financial Intelligence Centre Act (FICA). The FSCA, the supervisory body responsible for financial services providers under FICA, issued
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
Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA.
The FSCA has recently investigated compliance