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Financial Services Intelligence Watch
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07 July 2022 Financial Service Intelligence Watch

Legislative Changes and Developments

Commentary on Legislative Changes and Development

Cybercrime: Growing threat is getting attention – Minister

Minister in the Presidency Mondli Gungubele has said that the threat landscape of cybercrime is evolving rapidly and is increasingly becoming a national security concern, writes Wyndham Hartley for CompliNEWS

He was replying to a parliamentary question from EFF MP Rebecca Mohlala. She asked whether he had been informed that ...

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News from the Regulators

SARB to launch new banking payment system

The SA Reserve Bank is working on a new Rapid Payments Programme (RPP) which is set to significantly shake up payments. The programme, mentioned in the central bank’s 2022 annual report, forms part of the bank’s ‘vision 2025’ plan as an industry-led payments modernisation initiative. The SARB noted that BankServAfrica ...

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Prudential Authority Annual Report 2021/22 released

The Prudential Authority at the South African Reserve Bank has released its latest annual report.


'Since its inception in 2018, the PA’s policy and supervisory deliverables have been focused on establishing its policy, supervisory and operational tools in line with the provisions of the Financial Sector Regulation Act 9 ...

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Enforcement News

Credit Suisse convicted and fined for failing to prevent money laundering

A first in Switzerland, Credit Suisse bank is found guilty and fined $2.1m for deficiencies in its anti-money laundering programme. Business Day notes that the historic outcome comes after money from drug-trafficking went undetected and includes charges against a bank manager. Credit Suisse has tried to defend the verdict ...

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Relevant Rulings

Financial Services Tribunal – Summary of Determination involving Face of Earth Trading and Projects 174 (E Ncube), Sanlam Life, FSCA – debarment

Financial Services Tribunal (FST)

The following matter was handed down on 25 April 2022:

  • Face of Earth Trading and Projects 174 (E Ncube) (Applicant) and Sanlam Life (First Respondent), Financial Sector Conduct Authority (FSCA) (Second Respondent) – (case number: A11/2022)

Fast facts

FSP licence withdrawal – Application for reconsideration ...

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Local News

NCR within rights to probe firm offering instant loans – SCA

The National Credit Regulator (NCR) was within its rights to launch an investigation into instant loans company Dacqup Finances on the reasonable suspicion that it was violating the National Credit Act (NCA), according to a Supreme Court of Appeal decision handed down last week. Moneyweb reports that the company had ...

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Tribunal reluctant to overturn FSCA administrative decisions

The Lexblog was co-authored by Kristen de Wet, Candidate Attorney (Norton Rose Fulbright)

On 4 April 2022, the Financial Services Tribunal in JHE Murray v FSCA, held that there exists no requirement in terms of the legislative framework that obliges the Financial Sector Conduct Authority (FSCA) to conduct a formal ...

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International News

Insurance firms fingered for ‘buyer power’ abuses

Kenya’s Competition Authority (KCA) has named the insurance industry as the top abuser of buyer power accounting for 72% of all cases investigated by the authority. CapitalFM reports that this is an increase from the 44% rate reported in FY 2020/21 with delayed payment and unilateral change of contract ...

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Tether releases crypto token tied to UK pound

Tether is releasing a crypto token tied to the value of the British pound as part of a push into new stablecoins. A Tech Central report notes that the GBPT token will be available to trade on the ethereum blockchain from early July, the group said. Stablecoins are one of ...

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Working Smart

5 ways to make your workplace more inclusive

By Lee Rossini

Whether we like it or not, hybrid working is here to stay. And this means a range of obvious things—more sitting down, more time spent online—but also other consequences that are more of a slow-burn. One of the major issues that is expected to impact on the ...

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FSCA not a superregulator or above the law

Legalbrief Forensic

One wonders why the Financial Sector Conduct Authority (FSCA) thinks itself to be some form of superregulator, above the law and able to regulate anything and everything it wishes, writes Gary Moore in a Business Day analysis. Moore, who was a practising attorney for 30 years, was commenting ...

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Data Protection

Banking association issues code for PoPIA compliance

The Information Regulator has announced that the Banking Association of SA (Basa) has developed a code of conduct to keep its members in line with the Protection of Personal Information Act (PoPIA) 4 of 2013, reports Wyndham Hartley for CompliNEWS

The regulator said in a statement that the purpose of the ...

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Google Analytics is being banned in more jurisdictions

The European Union has been after Google for abuse of its monopoly power in mobile search engines and applications, reports Now, a growing number of countries in the union are going after the use of Google Analytics for violations against the General Data Protection Regulation.

Italy is the ...

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NAMFISA releases 2022/2023 Business Plan

The Namibia Financial Institutions Supervisory Authority (NAMFISA) was established in 2001 by an Act of Parliament. The new NAMFISA Act 3 of 2021, further emphasises the Authority’s responsibility to regulate and supervise financial institutions, intermediaries and financial services, monitor risks within the financial institutions and markets sector, exercise an oversight ...

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Private Equity

Anti-Money Laundering

Former Tunisian PM arrested for alleged money laundering

Tunisian police have arrested former Prime Minister Hamadi Jebali, a former senior member of the Ennahdha Party, on suspicion of money laundering, reports News24. His lawyer told Reuters, police in the city of Sousse seized the phones of Jebali and his wife, and then took him to an unknown location ...

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Environmental, Social & Governance

ESG and regulatory considerations

As the investment world embeds the concept of ESG further into its business practices many questions have arisen, not least because the concepts making up ESG are broad and open to interpretation. The regulators have been looking at this closely and are trying to find ways to standardise ESG principles ...

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Working Smart

By Lee Rossini

Whether we like it or not, hybrid working is here to stay. And this means a range of obvious things—more sitting down, more time spent online—but also other consequences that are more of a slow-burn. One of the major issues that is expected to impact on the workplace because of hybrid working is the exacerbation of pre-existing inequalities, especially as certain privileged groups receive further benefits from this new way of working while those without said privileges continue to be left behind. To improve inclusivity and prevent this widening of the gap from occurring, we need to incorporate these five strategies into the workplace.


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