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16 November 2018 Financial Service Intelligence Watch

Legislative Changes and Developments


Justice Committee adopts Cybercrimes Bill

‘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 ...

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News from the Regulators


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 ...
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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 ...

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Enforcement News


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 ...

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Local News


Discovery may go to court after CMS bans products

Legalbrief Today

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 ...

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Alleged Ponzi scheme mastermind pleads not guilty

Legalbrief Forensic

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 ...

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International News


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 ...

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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 ...

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Former bankers charged in massive graft case

Legalbrief Forensic

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 ...

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Compliance Focus


'PIP' and ‘PEP families’ are under closer scrutiny under SA's revised FIC Act

Compli-Serve SA

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 ...

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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 ...
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Working Smart


Training: functions of a needs analysis

Lee Rossini

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 ...

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Working Smart

 By Lee Rossini

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 and the forms reaching his department. As a result, he is receiving a lot of complaints about delays. After a brief discussion with a senior manager, they decide that the financial advisers should attend a time-management training programme the following week in the hope that it will solve the problem. Andile outsources the training to a company that specialises in courses of this nature. The financial advisers attend the course and the evaluations indicate that they enjoyed it and anticipate that the newly acquired skills will assist them to perform their jobs better. Andile anticipates an improvement in their performance, but unfortunately this never happens.

What went wrong and why didn’t Andile get the results he was expecting?

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