It looks like December was all “fine” in the wrong sense as the FSCA took serious action against entities and individuals. While progress may not always be immediately visible, bringing criminals to book requires methodical and careful work. THE FINANCIAL SECTOR CONDUCT AUTHORITY (FSCA) FSCA imposes record penalties and debarments on Banxso and key individuals…
As usual we’ve combined the November and December Legislative Updates to give you a bit more to read, but more time to get everything finished for the year. It’s time for that well-deserved break you’ve been promising yourself! If we’ve learned one thing this year, it’s that no-one really knows what “six – seven!” means……
“Busy, busy, busy” – that’s the regulators as we close out the year. We are already drawing up the “To do” list for 2026! FINANCIAL INTELLIGENCE CENTRE (FIC) South Africa removed from FATF grey list: A milestone in financial crime reform The FIC has announced South Africa’s removal from the Financial Action Task Force (FATF)…
2025 is winding down, and everyone is starting to focus on the final stretch to December and their holiday plans. The year is not over yet, and we are always given some interesting reading or development by the regulators in the last few months of the year. We can expect the FIC to be very…
As August draws to a close, we’re reminded of former British Prime Minister Harold Macmillan’s 1960 address to the South African Parliament, not only because of the blustery seasonal winds, but also his famous words: “The winds of change are blowing.” The inevitability of upcoming legislative shifts is becoming increasingly clear, as is the regulators’…
As the regulators continue their inevitable move to the enactment of the Conduct of Financial Institutions (COFI) Bill, we see the implementation of their ‘harmonisation’ plan – including some interesting queries to get their database up to date. There’s plenty to keep us busy until then, and we’ve noted current updates for this month. Read…
June 2025 Legislative Update As the southern hemisphere rolls past the winter solstice, we start looking towards the change of seasons and a fresh start to our compliance monitoring programmes. If you’re lucky enough to be able to head off to Wimbledon, we hope the weather holds and you get to watch some games. The…
We’re sure many people are heavily focused on completing their Continuous Professional Development hours by the end of the month. There’s still time to complete the necessary hours if you haven’t, and we’re sure there won’t be a last-minute rush next year! THE FINANCIAL SECTOR CONDUCT AUTHORITY (FSCA) FSCA Regulatory Strategy for 2025-2028 The FSCA…
We’ve reached that point of the year where business is in full swing (despite everyone taking a week off…) and regulators are running with their plans. There’s plenty happening so read on and keep up to date once you’ve figured out how to fix your VAT problem that probably shouldn’t have happened. THE FINANCIAL SECTOR…
As South Africa prepares for the change of seasons (everyone loves autumn…), intermittent loadshedding (not so much love here), and an incremental VAT increase (depends on where you sit), it’s important to remind ourselves that the only guarantee is change. Let’s embrace change and go with it as the regulatory changes start to flow. THE…