Dear subscribers,

Please note that this is the last issue of CompliNEWS for this year. The next issue will be published in the new year on Thursday, 9 January 2025.

Breaking news will still be posted on the website during this period.

We wish all our subscribers a safe and joyous ...

The National Treasury and the South African Revenue Service (SARS) have released the Draft Revenue Laws Amendment Bill 2025 (2025 Draft RLAB) for public comment. This draft legislation introduces tax proposals aimed at providing funds with greater flexibility in selecting approaches aligned with their fund rules and communicated to members ...

The Financial Services Tribunal has dismissed an application for reconsideration brought by Zanele Sheron Zitha, a former representative of Assupol Life Limited, who was debarred for alleged dishonesty, fraud, and unprofessional conduct. The tribunal's decision followed findings that Zitha allowed an intermediary from another insurer to use her position ...

The Financial Services Tribunal has set aside a decision by the Pension Funds Adjudicator (PFA) regarding a complaint lodged by Mulamuleli Mutengwe against her employer, National Elite Security Services. The complaint involved the employer's failure to register her with the Private Security Sector Provident Fund (PSSPF) despite deducting pension ...

On 5 December 2024, McKinsey & Company reached a $122 million settlement with the U.S. Department of Justice (DOJ) to resolve violations of the Foreign Corrupt Practices Act (FCPA) related to bribery payments made in South Africa. Between 2012 and 2016, McKinsey Africa, through its former senior partner Vikas ...

The Financial Sector Conduct Authority (FSCA) has taken decisive regulatory action against Mr. Ashley Mmachewe Mphaka, imposing an administrative penalty of R2 113 225 and debarment for 20 years. The sanctions follow an investigation into Greyshore Investments (Pty) Ltd and Mphaka's unauthorised financial activities.

The FSCA's investigation revealed ...

The Financial Sector Conduct Authority (FSCA) has concluded its investigation into United African Stokvel (Pty) Ltd, Mr Darren Langbein, and Mrs Shirley Langbein (the investigated parties). Previously, the FSCA issued a public warning advising against engaging with United African Stokvel (Pty) Ltd, as the entity is not an authorised financial ...

The Financial Sector Conduct Authority (FSCA) has issued a warning to the public regarding Future Traders, urging caution when engaging with the entity. According to the FSCA, Future Traders is allegedly soliciting funds from the public to trade in cryptocurrency, offering promises of guaranteed and unrealistic returns.

Future Traders claims ...

The Financial Sector Conduct Authority (FSCA) has issued a public warning about individuals impersonating Cboe Global Markets, a Chicago-based financial services provider, and fraudulently using the authorised Financial Services Provider (FSP) number 14315.

The FSCA has received multiple complaints from victims who invested with the impersonators but did not receive ...

BusinessTech reports that South Africa’s greylisting in 2023 compelled accountable institutions to refine their compliance strategies, presenting both challenges and opportunities. For Financial Service Providers (FSPs), improved compliance frameworks have not only enabled them to navigate increased regulatory scrutiny but also bolstered their ability to protect clients against rising cybercrime ...

The Financial Intelligence Centre (FIC) has published an updated draft of Public Compliance Communication 23A (PCC 23A), inviting a second round of public consultation. The guidance aims to clarify the interpretation of credit providers as defined in Schedule 1, item 11 of the Financial Intelligence Centre Act (FIC Act).

Background ...

The Financial Sector Conduct Authority (FSCA) continues to make progress in regulating crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act.

Since the licensing process commenced on 1 June 2023, the FSCA has received 420 CASP licence applications. Of these:

• 248 licences have been approved ...

The Australian operator of the Kraken cryptocurrency exchange, Bit Trade Pty Ltd, has been fined $8 million for unlawfully offering a margin extension product to over 1 100 customers without the required Target Market Determination (TMD), reports ASIC.

The Federal Court ruled in August 2024 that the product, which allowed ...

More than 500 clients of Oztures Trading Pty Ltd, trading as Binance Australia Derivatives (Binance), were allegedly misclassified as wholesale clients, denying them critical consumer protections under Australian financial services laws. This claim was made by the Australian Securities and Investments Commission (ASIC) in documents filed with the Federal Court ...

The Information Regulator has released a Guidance Note on Direct Marketing under the Protection of Personal Information Act, 2013 (POPIA), providing its interpretation of the legal requirements for processing personal information in direct marketing. Here are the highlights as reported on by an article by ENSAfrica on the Lexology site ...

HSBC Bank Australia Limited (HSBC Australia) has been accused of failing to protect its customers from scams, with millions of dollars lost due to alleged inadequacies in fraud prevention and investigation processes. The Australian Securities and Investments Commission (ASIC) filed the allegations in the Federal Court on 16 December.

Between ...

Hong Kong's Securities and Futures Commission (SFC) has unveiled a new anti-scam initiative titled 'Don’t Be Sucker', aiming to heighten public awareness of fraudulent investment tactics. This campaign comes in response to the rising prevalence of scams, particularly in the digital space.

At the heart of the initiative is ...

By Lee Rossini

As the year winds down, it’s natural to feel caught up in the build up to Christmas and the new year. But in the midst of this rush, it’s crucial to prioritise rest and meaningful reflection on the past year. Taking time to assess your business’s achievements ...