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Financial Services Intelligence Watch
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23 January 2021 Financial Service Intelligence Watch

Legislative Changes and Developments

2020 tax Acts gazetted

As usual at this time of year, the latest amendments to tax legislation have been gazetted. They are the 2020 Taxation Laws Amendment Act, Tax Administration Laws Amendment Act and Rates & Monetary Amounts & Amendment of Revenue Laws Act. CompliNEWS contributor Pam Saxby reports that, together, the three new ...

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News from the Regulators

FSCA warns the public against Keenan Ebden Financial Services and Keenan Ebden

The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Keenan Ebden Financial Services and Keenan Ebden (Mr Ebden). Neither of which are authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act 37 ...

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Enforcement News

UK business fined £23.8m for money laundering

Legalbrief today Issue 5090

The imposition of a record £23.8m fine on a money service business highlights the growing scrutiny being placed on compliance with UK anti-money laundering rules, an expert has said. According to an report, Andrew Sackey of Pinsent Masons said the fine issued to ...

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Relevant Rulings

FST case summary involving Malvern Trading CC and another and Financial Sector Conduct Authority; Application for reconsideration – administrative penalty – debarment

By Shamaa Sheik

The following matter was handed down in the Financial Services Tribunal on 31 December 2020:

  • Malvern Trading CC (1st Applicant) and Khuphukile Dube (2nd Applicant); and Financial Sector Conduct Authority (Respondent) – (case number: A11/2020)

*For the purposes of this summary the 1st and 2nd Applicant ...

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Local News

Liquidators want more powers in MTI Bitcoin inquiry

Provisional liquidators appointed to seize control of failed SA Bitcoin trader Mirror Trading International (MTI) are looking to widen the scope of their inquiry. They are wanting to extend their powers to include the right to call witnesses to an insolvency inquiry, appoint investigators and solicit information from banks, said ...

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SARS blasted for cyber-security failings

Legalbrief Today Issue 5090

SARS has been warned that its use of outdated, insecure technology on its e-filing system is a security risk, says a report in The Mercury. Osidon and Cybadev boss Hennie Ferreira said SARS had announced on social media recently that it was experiencing problems with Adobe Flash ...

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International News

UK's FCA clamps down on consumer investment harm

A report issued on Tuesday by the UK's Financial Conduct Authority (FCA) highlights the many ways in which it works to protect consumers from investment harm by stopping and disrupting potentially harmful firms and activities. The report focuses on action taken by the FCA during the first ten months of 2020, when many consumers ...

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Compliance Focus

Fintech, Regtech and the role of compliance

Embracing technology to help manage risk, reduce administrative burdens, and improve efficiencies is a strategy that’s been developing in the compliance space for a while, but the coronavirus pandemic has fast-tracked the urgency behind it. A pair of recent reports, cited by Compliance Week, explores this trend in more detail ...

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KYC compliance catches up with crypto

James George, Compliance Manager, Compli-Serve SA

Know-Your-Customer (KYC) procedures are still a work-in-progress in the cryptocurrency industry. But businesses in this space, though still largely unregulated, need to comply with Anti-Money Laundering (AML) legislation or risk facing punitive measures.

KYC in crypto: playing opposites

Probably the biggest difference between crypto ...

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Data Protection

PAIA Manual exemption extended again until 30 June 2021

The Minister of Justice and Correctional Services has once again exempted most organisations from having to compile a PAIA manual. According to a news report by Michalsons, the Minister has decided to exempt certain private bodies 'from compiling the Manual contemplated in section 51(1) of PAIA…'. However, the deadline ...

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