The Association of Savings and Investment SA (Asisa) has outlined the significant challenges pension fund administrators are currently facing as they prepare for the upcoming implementation of the two-pot system, slated for introduction on 1 September. According to a News24 report, Asisa's senior policy advisor, Adri Messerschmidt, has expressed ...

Following the uncertain political environment post-May elections, the Public Servants Association (PSA) has recommended that President Cyril Ramaphosa delay the signing of the National Health Insurance (NHI) Bill. A report from Polity reveals that the PSA harbours significant concerns about the financial impact of potential tax increases intended to fund ...

A recent report from Rabobank, published on the Financial Times' website, calls for unprecedented and simultaneous action across all sectors to tackle the twin crises of climate change and biodiversity loss. The report stresses the necessity of implementing comprehensive strategies to keep global warming within the 1.5°C threshold, as ...

A Singaporean court has begun handing out sentences in a sensational case, which saw 10 Chinese nationals charged for laundering $2.2bn earned from criminal activities abroad. A BBC News report notes that the scandal embroiled multiple banks, property agents, precious metal traders and a top golf club. It led ...

The Financial Sector Conduct Authority (FSCA) has recently issued administrative sanctions against three financial services providers for failing to comply with the Financial Intelligence Centre Act (FICA). The fines imposed range from R400 000 to R16 million, signaling the FSCA's intensified enforcement of anti-money laundering (AML) and combating the ...

Fintech Global reports that the ongoing war in Ukraine has highlighted the rapidity with which sanction and politically exposed persons (PEPs) lists can change. With major global powers imposing over 16 500 sanctions on Russia since 2022, financial services firms face the challenge of adapting to these evolving landscapes swiftly. In ...

Constitutional Court (CC)

Date: 12 April 2024

Parties: Capitec Bank v SARS

Case number: CCT 209/22 [2024] ZACC (01)

Fast facts

SARS disputes Capitec’s claim for refund – Capitec was denied a R71 million refund which it said was owed on fees levied on it for providing free loan ...

The Financial Sector Conduct Authority (FSCA) cautions the public against engaging in any financial services related transactions with a group of individuals posing as Fairtree Asset Management (Pty) Ltd, a legitimate Financial Services Provider (FSP number 25917). Their aim is to deceive unsuspecting members of the public. The FSCA has ...

National Treasury has, in a statement, welcomed the release of the International Monetary Fund’s Fiscal Transparency Evaluation Report, reports Wyndham Hartley for CompliNEWS.

SA has a strong record of fiscal transparency and consistently ranks among the top three countries worldwide for transparency, according to the International Budget Partnership.

'A predictable and transparent ...

The Financial Sector Conduct Authority (FSCA) has issued a public warning regarding Afriforum Future Trading, a company that falsely claimed to be a registered financial services provider. According to the FSCA, Afriforum Future Trading offered investment and account management services under the guise of legitimacy by improperly using a financial ...

A married couple, Ricardo and Desiree Bowkers, have been sentenced to prison by the Oudtshoorn Regional Court for conducting a sophisticated fraud and money laundering scheme against insurer Santam, reports MSN. Ricardo Bowkers orchestrated the fraud from his cell in the Oudtshoorn Correctional Centre, where he was already serving a ...

The Financial Sector Conduct Authority (FSCA) conducted an investigation regarding Anglorand Islamic Investments (Pty) Ltd (Anglorand Islamic) and Mr Shoayb Joosub. The investigation spanned from 1 January 2010 to 31 December 2015.

During this period, Mr Shoayb Joosub (Joosub), acting through Anglorand Islamic, provided financial services to approximately 270 Sukuk ...

Nedbank could soon be at legal loggerheads with the Airports Company SA (Acsa) and Transnet over interest rate swap transactions concluded with SOEs, based on the advice of Gupta-linked Regiments Capital. A Fin24 report notes Regiments acted as financial adviser to Acsa and Transnet and pocketed huge fees from brokering ...

Legalbrief Today

Sasfin CEO Michael Sassoon says the money that was allegedly laundered and expatriated through the bank's foreign exchange unit was transferred from other banks. As a result, Sasfin was not the primary bank of the former tax-dodging clients, which raises the question of why other banks haven ...

Indiberries & Co, a purported investment platform, has effectively disappeared after a warning from the Financial Sector Conduct Authority (FSCA) about its unrealistic return promises and lack of proper registration. The platform, which claimed to connect investors with over 300 berry farmers across seven countries, is accused of operating without ...

In the latest publication from Littler Mendelson and reported on by Corporate Compliance Insights, experts offer a comprehensive guide for multinational employers on navigating the complexities of AI implementation within the global workplace. The guide, co-authored by a team of specialists including Zoe Argento, Kwabena Appenteng, and Philip Gordon ...

By Compli-Serve

A robust risk culture is integral to the sustainable success of any organisation, beginning at the highest levels of leadership. Board members and C-suite executives play a pivotal role, not merely by endorsing risk management strategies but by intricately weaving these principles into the very fabric of the ...

By Compli-Serve

In the complex and ever-evolving landscape of financial services, establishing a robust compliance programme from scratch is not just necessary; it's imperative for the survival and ethical operation of any institution. As regulatory scrutiny intensifies and the scope of regulatory requirements expands, financial services firms must prioritise ...

By Lee Rossini

Conflicts are inevitable in any business environment. Whether it's a disagreement between team members, a clash of priorities, or a misunderstanding between departments, conflicts can arise from various sources. However, the way conflicts are managed can make a significant difference in their resolution and their impact ...

Legalbrief Today

Old Mutual chair Trevor Manuel says the more than R1trn withdrawn from SA Inc in the past decade points to an uncertain regulatory environment and lax implementation, which has hurt the country’s competitiveness. A Business Day report says writing in the financial services group’s annual report, the former ...

A Johannesburg law firm and its director are being sued for R1m by a road accident victim, James Tsotetsi, after failing to lodge a claim with the Road Accident Fund (RAF), reports The Pretoria News. The Gauteng High Court has ruled that the firm must compensate Tsotetsi for damages he ...

It has been almost four years since the country went into lockdown in response to Covid-19. Employment lawyers were flooded with requests for urgent advice on how employers should continue to operate their businesses, whether they were allowed to do so under the prevailing disaster management regulations, and most importantly ...

Compli-Serve

Crypto exchange VALR has confirmed it has acquired the necessary approval from the South African Financial Services Conduct Authority (FSCA) to operate within the regulatory framework, marking a significant step in compliance and market expansion. This announcement follows closely on the heels of similar regulatory endorsements received by Luno ...

The Financial Sector Conduct Authority (FSCA) of South Africa is seeing a surge in cryptocurrency service applications, indicative of the growing interest among South Africans in the digital asset space. According to a report by Tron Weekly, out of 355 applications received, only 59 have been approved so far, with ...

By Compli-Serve

In recent years, data breach incidents have become a pervasive issue, capturing headlines and raising concerns about personal data protection and cybersecurity practices. While these incidents are undoubtedly unfortunate for the individuals and organisations involved, they offer valuable lessons and insights that can inform and improve data handling ...

In the first quarter of 2024, global private equity and venture capital deal value saw a 5.1% increase to $130.61 billion from $124.30 billion in the same period in 2023, according to S&P Global Market Intelligence data. This growth in value came despite a 12.8% decline ...