South Africa is advancing its commitment to global financial reforms by implementing key regulatory changes in the over-the-counter (OTC) derivatives market. These efforts align with the G20’s objective of enhancing market transparency and mitigating systemic risk. Recent developments include the licensing of Strate as a Trade Data Repository (TDR), the ...

Legalbrief Today

‘Increased average temperatures, climate variability and extreme weather events are taking a toll on the environment and disproportionately affecting the lives and livelihoods of vulnerable communities. This is intensifying challenges in the world of work.’ Professor Debbie Collier, Dr Shane Godfrey, Vincent Oniga and Dr Abigail Osiki ...

Financial Services Tribunal ('FST' or 'the Tribunal')

The following matter was handed down on 25 January 2025:

• Shaw v Absa Bank Pension Fund and Pension Funds Adjudicator – (case number: PFA 62/2024)

Fast facts
Application for reconsideration of Pension Funds Adjudicator's decision – Applicant took less than one-third ...

Summary of the Financial Services Tribunal Ruling: Jonathan Visser v OUTsurance Insurance Company Limited

Case Overview:
The Financial Services Tribunal (FST) dismissed Jonathan Visser's application for reconsideration of his debarment by OUTsurance Insurance Company Limited. Visser, a former Pet Sales Advisor at OUTsurance, was debarred on 3 July 2024 ...

* See the Compliance section of this week's newsletter for an in-depth analysis *

The Prudential Authority (PA) has imposed administrative sanctions on The Standard Bank of South Africa Limited (SBSA) for non-compliance with the Financial Intelligence Centre Act, 38 of 2001 (FIC Act). Following a 2022 inspection conducted ...

In 2024, U.S. financial regulators accounted for 95% of the $4.6 billion in global enforcement penalties, according to compliance firm Fenergo. Despite a 30% drop in overall penalties compared to 2023, fines targeting banks surged by 522% to $3.65 billion. Violations related to transaction monitoring alone reached ...

The UK's Financial Conduct Authority (FCA) has fined Infinox Capital Limited £99 200 for failing to submit 46,053 transaction reports, risking undetected market abuse. This marks the first enforcement action under the UK Markets in Financial Instruments Regulation (MiFIR) for transaction reporting breaches.

Between October 2022 and March ...

The Financial Sector Conduct Authority (FSCA) has issued a public warning regarding Mr. Motsamai David Marumo (Marumo) and FX Trading Revolution LLC (FX Trading). The regulator urges caution when engaging in financial services with Marumo and FX Trading, as they have been soliciting funds from the public by offering unrealistic ...

The Prudential Authority (PA) has issued a Proposed Directive under section 6(6) of the Banks Act, 1990, requiring Domestic Systemically Important Banks (D-SIBs) and their controlling companies to comply with updated requirements for completing Form BA 701. This directive aims to enhance the accuracy and consistency of regulatory and ...

The Securities and Futures Commission (SFC) of Hong Kong has imposed a HK$66.4 million fine on Hang Seng Bank Limited (HSB) for serious regulatory breaches in the sale of collective investment schemes (CIS) and derivative products, as well as overcharging clients and failing to disclose monetary benefits. The ...

By Compli-Serve

On 24 January 2025, the Prudential Authority (PA) announced administrative sanctions against The Standard Bank of South Africa Limited (SBSA) for failing to comply with key provisions of the Financial Intelligence Centre Act, 38 of 2001 (FIC Act). These sanctions followed an inspection conducted by the PA in ...

CityWire reports that regulatory and compliance obligations remain a persistent challenge for financial advisers, with many struggling to manage client expectations. A recent Citywire South Africa poll found that more than half of the 98 participants cited client misunderstanding of compliance requirements as their biggest hurdle in meeting Financial Intelligence ...

Global banks have an opportunity to realise between $25 billion and $50 billion in annual efficiency gains by addressing inefficiencies in risk and compliance processes, according to a report by Nasdaq and Boston Consulting Group (BCG). Finextra reports that these savings, achieved without compromising effectiveness, could free up resources for ...

A man accused of terror financing’s release on R30 000 bail has come as a relief to his family, who have been left traumatised by his arrest over what they call ‘an innocent donation’. A report in The Citizen notes that SA national Ziyadh Hoorzook appeared in the Litchenburg Magistrate’s ...

The UK's FCA has highlighted the need for wholesale brokers to strengthen their systems, controls, risk awareness, and training to combat money laundering. The review focused on wholesale brokers due to their critical role in facilitating deals within capital markets. The regulator engaged with various market participants to identify ...

Bidzina Ivanishvili, the former Georgian Prime Minister and leader of the ruling Georgian Dream party, has announced plans to sue Swiss private bank Julius Bär, reports MENAFM. The billionaire accuses the bank of political blackmail, withholding critical account information, and delaying money transfers. Ivanishvili’s legal team also claims the ...

The CEO of Yellow Card Financial, a pan-African digital assets exchange, has observed a surge in interest from traditional banks and expects regulators across Africa to accelerate efforts to establish clear rules for the crypto sector, reports Bloomberg. This follows the inauguration of US President Donald Trump, who has adopted ...

The Isle of Man Financial Services Authority (FSA) has announced the temporary suspension of Blackfridge SC Limited’s (Blackfridge) financial services licence. Blackfridge, known as the first GBP-pegged stablecoin business in the British Isles, launched its stablecoin product, poundtoken, in 2022 after gaining its licence through the Isle of Man’s regulatory ...

In his second term, President Donald Trump has taken a dramatic pro-crypto stance, prompting a shift in sentiment among Wall Street’s top executives, reports CNBC. At the World Economic Forum in Davos, Morgan Stanley CEO Ted Pick and Bank of America CEO Brian Moynihan expressed their readiness to embrace digital ...

Cyber incidents remain the top global business risk for 2025, with 38% of companies identifying cyberattacks and data breaches as their primary concern, according to Allianz Commercial’s annual risk barometer, reports Corporate Compliance Insights. Business interruption held steady in second place at 31%, while natural catastrophes ranked third. Climate change ...

Cybercrime attacks have led to a 90% increase in ransomware incidents and cost equivalent to 1% of SA’s GDP, Interpol said. News24 notes that Sello Moerane, Interpol regional bureau head for southern Africa, said the Council for Scientific and Industrial Research estimates cybercrime costs R2.2bn a year. Moerane said ...

As Data Privacy Day 2025 shines a global spotlight on digital rights and security, Galeboe Mogotsi, Chief Information and Security Officer at the University of the Witwatersrand, shares his insights with CIO on navigating the evolving landscape of data privacy. Mogotsi emphasises the importance of balancing innovation with privacy, fostering ...

Engaging investors on Environmental, Social, and Governance (ESG) issues has become increasingly complex due to political backlash, regulatory challenges, and the need for transparent communication, reports Earth.org. Companies like Unilever demonstrate the importance of balancing ESG achievements with challenges, leveraging third-party verification, and adhering to global standards to build ...

Legalbrief Today

The KZN Government, through the Department of Economic Development, and Ithala Bank, have approached President Cyril Ramaphosa in an attempt to save the bank from liquidation, The Citizen reports. Earlier this month, the SARB's Prudential Authority (PA) applied to the KZN High Court (Pietermaritzburg) for the ...

Legalbrief Today

Disgraced former Steinhoff CEO Markus Jooste sped up almost R30m in bonus payments to himself without requisite approvals just months before the company imploded and came very close to securing almost R1bn from one of the group’s affiliates in a deceitful deal. Business Day notes a report ...

SA’s financial planning industry now boasts 5 001 Certified Financial Planning (CFP®) professionals, the Financial Planning Institute (FPI) announced yesterday. This milestone was reached on 31 December. ‘This achievement reflects the growing recognition of the CFP® certification as the benchmark for professional financial planning and advice in SA,’ the ...

In response to the increasing threat of financial fraud, stakeholders in Namibia’s banking sector are exploring the creation of a central fraud prevention body. According to a New Era report, this initiative aims to establish a collaborative framework similar to the South African Banking Risk Information Centre (SABRIC), which has ...

Germany's Federal Financial Supervisory Authority (BaFin) has identified six major risks that will shape its regulatory priorities for 2025, highlighting key vulnerabilities in Germany’s financial sector. As digitalisation accelerates, geopolitical uncertainty, cyber threats, and structural weaknesses pose increasing challenges to financial institutions.

BaFin’s Six Key Risks for 2025

• Real ...

With President Donald Trump re-elected, federal financial regulators, including the OCC, CFPB, and FDIC, are expected to adjust their supervisory priorities under newly appointed leadership, reports NatLawReview. Federal regulators have indicated a strong focus on BSA/AML compliance, fair lending practices, and consumer protection laws. However, Trump’s administration may also ...

The Australian Securities and Investments Commission (ASIC) has urged superannuation trustees to strengthen their anti-scam measures, warning that inadequate protections could leave members vulnerable to financial harm. In an open letter signed by ASIC Commissioner Simone Constant, the regulator highlighted the growing sophistication of scammers and the critical role trustees ...

By Lee Rossini

When clients are unhappy with the service they are receiving, they will not necessarily bring it to your attention. Client pain points refer to specific problems or challenges that clients experience when engaging with a business. In a small financial advice business, these pain points can stem ...

Daily Investor reports that proposed tariffs by former US President Donald Trump could drive inflation in South Africa, according to the CEOs of FirstRand and Standard Bank. Speaking at the World Economic Forum in Davos, FirstRand CEO Mary Vilakazi highlighted concerns about a strengthening dollar increasing the burden on African ...

Dauds on Finance & Derivatives

CI Dauds | Print ISBN: 9781485140009

A must-have for finance practitioners and students, Dauds on Finance & Derivatives explores the evolving field of finance with a focus on corporate governance, ethics, and modern financial realities. This comprehensive reference covers essential topics, including corporate financing, financial ...