Legislative Changes and Developments
Workplace – Code of good practice for management of Covid-19
A code of good practice for the management of Covid-19 in the workplace has been published by Employment & Labour Minister Thulas Nxesi, writes Wyndham Hartley for CompliNEWS.
The code covers a wide variety of topics from businesses having risk assessments and plans to how workers are informed, tested and ...
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 ...
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 ...
SARB Annual Report 2021/22
The South African Reserve Bank’s 2021/22 Annual Report provides an assessment of its ability to sustainably implement its mandate. It provides readers with a concise account of the SARB’s strategy, performance and impact on society.
South African Reserve Bank's Annual Report 2021/22
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 ...
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 ...
Ernst & Young to pay $100 million penalty for employees cheating on ethics exams and misleading Investigators
Big Four accounting firm Ernst & Young will pay $100 million to settle U.S. Securities and Exchange Commission (SEC) charges that its auditors cheated on certified public accounting (CPA) exams and that it misled the agency’s investigators.
The London-based auditor admitted to the charges and agreed to pay what the SEC said is ...
UBS to pay $25 million to settle SEC fraud charges Involving a complex investment strategy
The US Securities and Exchange Commission announced that UBS Financial Services Inc. has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy.
According to the SEC’s order, UBS marketed and sold YES to approximately 600 ...
National Credit Regulator v Dacqup Finances CC t/a ABC Financial Services – Pinetown and Another
Supreme Court of Appeal (SCA)
Parties: National Credit Regulator v Dacqup Finances CC t/a ABC Financial Services – Pinetown and Another
Judgment: 24 June 2022
Consumer credit law – Complaint initiation into prohibited conduct – National Credit Act 34 of 2005 (the NCA), ss 15, 78 ...
Wyno Construction v Miway Insurance (short-term insurance exclusionary clause)
Gauteng High Court (Pretoria)
Parties: Wyno Construction and Projects v Miway Insurance Limited
Judgment: 13 June 2022
Keywords: Insurance law and Contracts – Exclusionary clause and public policy
Miway Insurance Limited repudiated a claim by Wyno Construction and Projects in respect of its truck which had disappeared ...
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)
FSP licence withdrawal – Application for reconsideration ...
Practitioners Regulatory Authority (PPRA) insists compliance under regulations in a repealed law
Real Estate Owners of SA CEO Jan le Roux said about 23 000 candidate estate agents and 13 000 others are in limbo because the Property Practitioners Regulatory Authority (PPRA) is insisting they qualify under regulations in a repealed law. Another 45 000 estate agents must register for their 2023-26 ...
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 ...
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 ...
Ruling has ‘serious implications’ for NHI – department
Former SARS employee charged with tax fraud
NFT sales likely to grow steadily – latest research
SARB Quarterly bulletin on SA's economy
Latest SA cryptocurrency investment scam
Tax implications for those moving overseas
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 ...
Cybersecurity, privacy, data and regulatory compliance rank as top IT audit risks
A new survey conducted by Protiviti and ISACA found that cybersecurity is the chief risk for IT audit departments, with several related risks such as privacy and data as well as regulatory compliance also ranking as top concerns.
Responses to this year's edition of the annual technology and audit ...
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 ...
In brief – Samsung Australia and MTN fined for misleading customers
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 ...
FSCA not a superregulator or above the law
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 ...
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 ...
Credit Bureau addresses personal information issue with Code of Conduct for PoPIA
The Information Regulator has announced in a statement that the Credit Bureau Association has issued a code of conduct for its members to ensure that they are compliant with the Protection of Personal Information Act (PoPIA), writes Wyndham Hartley for CompliNEWS. The code deals with how personal information will be processed in the ...
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 Androidpolice.com. 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 ...
Shoprite customer data auctioned by dark web extortion gang
Regulator flags PoPIA ‘grey area’ concerns
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 ...
SEC charges private equity adviser for undisclosed disproportionate allocation of transaction expenses to advised fund
On 14 June 2022, the US Securities and Exchange Commission (SEC) released an order charging private equity adviser Energy Capital Partners Management, LP (ECP) with Investment Advisers Act violations in connection with a 2018 take-private transaction.
The charges stemmed from SEC findings that ECP did not disclose the disproportionate allocation of transaction ...
UK's FCA fines insurance broker JLT Specialty Limited £7.8m (R153 million) for financial crime control failings
The UK's Financial Conduct Authority (FCA) has fined JLT Specialty Limited (JLTSL) £7,881,700 (R153 million) for financial crime control failings, which in one instance allowed bribery of over $3m to take place.
JLTSL is based in the UK and provided insurance broking, risk management and insurance claims ...
UK's FCA fines Ghana International Bank Plc £5.8m (R112 million) for failings in its anti-money laundering controls
The UK's FCA has fined Ghana International Bank Plc (GIB) £5,829,900 (R112 million) for poor anti-money laundering and counter-terrorist financing controls over its correspondent banking activities.
GIB provided correspondent banking services to overseas banks. This allowed them to provide products and services they would not otherwise be ...
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 ...
Pakistan hope to come off the FATF's grey list
US investors to sue Deutsche Bank over links to high-risk clients such as Russian oligarchs and Jeffrey Epstein
Netherlands wants new EU Anti-Money Laundering Authority to be based in The Hague
Know Your Country-global anti-money laundering research tool
Aussie regulator releases useful financial crime guides
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 ...