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Financial Services Intelligence Watch
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21 June 2024 Financial Service Intelligence Watch

Note to Subscribers

In Loving Memory of Richard Rattue (1965-2024)

In Loving Memory of Richard Rattue (1965-2024)

It is with profound sadness and heavy hearts that we announce the passing of Richard Rattue, the esteemed founder and Managing Director of Compli-Serve SA. Richard passed away on 9 June 2024, at the age of 58, leaving behind a remarkable legacy that will continue to inspire and ...

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Legislative Changes and Developments

Embracing BEE legislation: turning compliance into opportunity amid Global DEI push

Legislative developments around economic empowerment may seem burdensome, but they align with a global push towards diversity, equity, and inclusion (DEI), offering an opportunity rather than a setback. CityWire reports that submissions are closing on the Minister of Employment and Labour’s proposed economic empowerment targets. A memorandum of understanding between ...

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Commentary on Legislative Changes and Development

NHI: a threat to South Africa's healthcare system?

'National Health Insurance (NHI) will not improve South Africa's healthcare system. Instead of enabling the poor to access high-quality healthcare, it is much more likely to bankrupt the fiscus while tearing down competent private sector healthcare until it is at the level of failing public healthcare,' asserts Nicholas Woode-Smith ...

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Relevant Rulings

3Sixty Life wins Labour Court skirmish amid larger battles

Under curatorship, 3Sixty Life has achieved a minor victory in its ongoing legal struggles. The Labour Court in Cape Town dismissed an application for compensation filed by two fixed-term contract employees who were terminated as part of a retrenchment exercise in April this year. According to a report in The ...

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News from the Regulators

Centriq fails in bid to underwrite inward reinsurance business

Legalbrief today

The decision by the Prudential Authority to preclude Centriq Insurance from underwriting inward reinsurance business through a cell captive structure has rubbed the company up the wrong way, with it arguing that the decision has far-reaching implications for SA companies with offshore exposure. A Business Day report notes ...

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New Directive issued on mutual banks' fund liquidity contributions

The Prudential Authority (PA) has released a new directive to inform mutual banks and their auditors about the minimum regulatory requirements concerning fund liquidity contributions to the Corporation for Deposit Insurance. This directive follows the Financial Sector Laws Amendment Act 23 of 2021, which amended the Financial Sector Regulation ...

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Compliance Focus

AI compliance: navigating the new frontier

The emergence of artificial intelligence (AI) has given rise to a burgeoning compliance cottage industry. While we are still in the early stages of AI development, companies are exploring how to harness this technology. Some sectors, such as financial institutions, have already integrated AI for fraud detection and other functions ...

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Anti-Money Laundering

EU adopts modernised anti-money laundering regulations

On 30 May 2024, the European Council officially adopted new rules to modernise and harmonise money laundering and terrorist financing (AML/CFT) regulations across EU Member States, following approval by the European Parliament.

The Volkov Group reports that this comprehensive update includes three primary components: the EU Single Rulebook Regulation ...

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Crypto Assets

SARS homes in on crypto traders

Legalbrief Today

Crypto traders have started receiving notices from the SARS that their tax affairs are being reviewed based on information received from ‘various crypto asset exchanges’. Moneyweb reports that it warns that the failure to provide any information requested could be deemed a criminal offence under the Tax ...

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Data Protection

South Africa faces escalating cyber-attack threats

South Africa continues to be a significant target for cyber-attacks, with costs running into millions, cybersecurity experts warn in a Business Day report. The situation has worsened due to heightened threats surrounding elections and related events. At the start of 2024, the World Economic Forum identified misinformation and disinformation as ...

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Environmental, Social & Governance

Major banks accused of 'greenwashing' in Amazon destruction

Five of the world’s largest banks are accused of 'greenwashing' their involvement in the destruction of the Amazon rainforest, according to a report indicating that their environmental and social guidelines fail to cover more than 70% of the rainforest. As reported in The Guardian, these institutions are alleged to have ...

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Private Equity

Tokenisation: the future of cross-border private equity

One concept looks set to completely transform the cross-border private equity space in the coming years: tokenisation.

Mondaq reports that throughout 2023, the market has been gearing up for this change. Law firms established digital funds groups, administrators created digital leads or innovation committees, and managers launched digital funds. With ...

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Local News

Tax ombud tackles growing issue of tax profile hijackings

The Office of the Tax Ombud (OTO) is stepping in to assist taxpayers and tax practitioners increasingly falling victim to fraudsters hijacking tax profiles. Identifying the issue as systemic, the OTO has announced its intention to review the frustrations, financial distress, and operational problems caused by the rising prevalence of ...

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International News

Hong Kong SFC bans ex-asset manager rep from industry for one year

Hong Kong's Securities and Futures Commission (SFC) has banned Ha Po Kwan, a former representative of Primas Asset Management Limited (PAML), from the industry for 12 months starting 14 June 2024. The ban follows an investigation which found that Ha, while serving as a director at PAML in June ...

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Working Smart

Guidelines on financial literacy

Financial literacy is the knowledge and understanding of various financial concepts and the ability to use that knowledge to make informed and effective decisions regarding financial resources. It encompasses a range of skills including budgeting, saving, investing, borrowing, and managing debt. Irrespective of their income status, a financially literate client ...

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Complimentary Whitepaper from LexisNexis UK on AI regulation

Download the complimentary whitepaper, Navigating the Challenges of AI Regulation, from LexisNexis UK.

Artificial intelligence (AI) is driving a wave of technological progress, transforming businesses and industries like never before. From powering everyday voice assistants such as Siri and Alexa to revolutionising healthcare through disease diagnosis and personalised online experiences ...

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SAIT Compendium of Tax Legislation 2024

SAIT Compendium of Tax Legislation

Juta | Print ISBN: 9781485150619 | E-Book ISBN: 9781485152040

Published annually in two volumes, this essential reference provides the tools needed to navigate the complex tax landscape. The 2024 edition includes promulgated legislative changes and amendments envisaged in the 2023 Amendment Bills (for the print version), and the 2023 Amendment Acts (for the ...

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Working Smart

By Lee Rossini

Financial literacy is the knowledge and understanding of various financial concepts and the ability to use that knowledge to make informed and effective decisions regarding financial resources. It encompasses a range of skills including budgeting, saving, investing, borrowing, and managing debt. Irrespective of their income status, a financially literate client understands the importance of financial planning, has the knowledge to make appropriate financial decisions, and how these impact on achieving their financial goals. It enables them to manage their money wisely, avoid financial pitfalls, and build a secure financial future.


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