Legislative Changes and Developments
Justice Committee adopts Cybercrimes Bill
A ‘B’ version of the 2017 Cybercrimes Bill was adopted this week by the National Assembly’s Justice and Correctional Services Committee, with two substantive amendments proposed by the DA’s Werner Horn and Glynnis Breytenbach. Endorsed by Justice and Constitutional Development Deputy Minister John Jeffery, they were eventually accepted by the ...
News from the Regulators
FSCA warns the public against four entities
The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with Financial Group House Direct (Pty) Ltd (FGHD) in Kempton Park, Gauteng. Their company registration number is 2017/496837/07; their main focus is freight investment, industrial investment, property investment and forex trading. The entity ...
FIC releases presentation from its recent compliance and awareness roadshows
The Financial Intelligence Centre (FIC) has released the presentation it delivered to audiences throughout the country during its recent compliance and awareness roadshows.
The presentation include:
- The value of financial intelligence in supporting the criminal justice system
- Risk-based approach and the RMCP
- Customer due diligence and enhanced due diligence
- Registration and ...
FSCA’s correction regarding public warning against Pieter Davis
On 24 October 2018 a media release from the Financial Sector Conduct Authority (FSCA) was issued, warning the public to exercise caution when dealing with Pieter Davis, an individual who purported to be representing Plus Plan Investment, an authorised financial services provider (FSP 2234). The FSCA acknowledged this week that ...
FSCA issues updated FST case schedule
FAIS Ombud changes office details
Tesco Bank fined £16.4 million for cyber-security failings
The UK's Financial Conduct Authority (FCA) announced at the start of November 2018 that it had fined Tesco Bank £16.4 million for a cyber-attack that occurred exactly two years ago.
ReedSmith's article notes that in November 2016, 8,261 personal current accounts at Tesco Bank were compromised. Attackers obtained ...
Citibank fined over $38m by US markets watchdog
The US Securities and Exchange Commission (SEC) this week announced that Citibank N.A. has agreed to pay $38.7 million to settle charges of improper handling of 'pre-released' American Depositary Receipts (ADRs).
The SEC said Citibank 'pre-released' ADRs to brokers in thousands of transactions when neither the broker ...
Discovery may go to court after CMS bans products
Discovery Health (Pty) Ltd may turn to litigation after the Final Board of Appeals of the Council for Medical Schemes (CMS) banned two of its medical insurance products, says Rapport. The appeals board ordered Discovery to cease its coverage of about 30 000 people on its Comprehensive Primary ...
Alleged Ponzi scheme mastermind pleads not guilty
Alleged Ponzi scheme mastermind Goodman Goqo – accused of defrauding more than 4 000 people out of R76m – pleaded not guilty to all 16 452 charges against him yesterday, says a News24 report. ‘We are making no admissions. The state must prove its case,’ his attorney ...
Maintaining market confidence: an update on Brexit
The UK's Financial Conduct Authority (FCA) has released a speech providing an update on Brexit and any potential regulatory fallout stemming from a deal, or no deal.
Speaker: Nausicaa Delfas, Executive Director of International
Event: City and Financial: 3rd UK Financial Services Brexit Summit, London
Delivered: 5 November 2018 ...
FATF publishes list of jurisdictions with strategic AML and CTF deficiencies
The Financial Intelligence Centre (FIC) has published on its website a Financial Action Task Force (FATF) statement on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies. Countries with major deficiencies include the Democratic People’s Republic of Korea and the Islamic Republic of Iran. The FIC has advised accountable institutions ...
Former bankers charged in massive graft case
The US Justice Department has announced multiple charges against two ex-Goldman Sachs bankers linked to Malaysia's state investment fund scandal.CNN reports that it said Tim Leissner, the former Southeast Asia chairman, conspired to launder money and violate the Foreign Corrupt Practices Act by paying bribes to ...
BA data breach causes much debate and uncertainty; interesting case as SA's POPI Act is close to commencing
Australia set to toughen standards for managers of financial advisers
'PIP' and ‘PEP families’ are under closer scrutiny under SA's revised FIC Act
South Africa has now adopted a risk-based approach to its anti-money laundering or anti-terrorist financing law. Banks, client money handlers, in fact all accountable institutions (AIs) need to apply 'proportionate' risk profiles to clients who could be associated with politically-exposed persons (PEPs) or what are known as prominent influential ...
The role of regulation in encouraging good culture - speech by the UK regulator
A speech on 'The role of regulation in encouraging good culture' was delivered on 6 November 2018 by Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (FCA), at the Investment Association Culture Conference, Mansion House, London.
Highlights from the speech:
- The effectiveness of communication with consumers is in my experience a ...
Compli-Serve holds workshops on the RDR discussion paper on investment related matters
The Retail Distribution Review is a wide ranging review initiated under the then FSB (now FSCA) which proposed a number of important regulatory reforms related to the distribution of financial products and the provision of financial advice. The latest updates were published and this seminar will unpack some of the ...
Training: functions of a needs analysis
Andile heads up the administration department of a financial services provider (an FSP). He receives the application forms from the financial advisers after they have recommended a particular product to a client. He picks up that there is a big delay between the financial advisers seeing the client ...