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22 January 2022 Financial Service Intelligence Watch

Commentary on Legislative Changes and Development


Comment period on proposed rules for auditors extended

The Independent Regulatory Board for Auditors (Irba) has granted interested parties an extra 10 days to comment on the draft proposed disciplinary rules for auditors, notes Wyndham Hartley for CompliNEWS.

Originally published in the Government Gazette for a public comment process over a period of 60 days with a closing date of ...

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News from the Regulators


FSCA warns the public against Secure FX Trading

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when receiving correspondence from Secure FX Trading (Secure FX) soliciting investments. Secure FX solicits investment in Bitcoin and in turn promises high returns to clients.

According to information received by the FSCA, when clients want to ...

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FSCA recently published Digital Banking Research Report

The Financial Sector Conduct Authority (FSCA)

The FSCA recently published a Digital Banking Research Report and its findings from a survey to assess and better understand the state of digital banking activities in South Africa. What is digital banking, you ask? It’s the digitisation of traditional banking services in order ...

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Relevant Rulings


Western Cape High Court: Benatar v Black Academic Caucus (PAIA request)

Western Cape High Court: Benatar v Black Academic Caucus 

Judgment date: 15 December 2021

Keywords: Right of access to information – PAIA Request – Onus of establishing entitlement to requested information – Application constituting vexatious litigation – Promotion of Access to Information Act 2 of 2000, ss 50(1 ...

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Summary of FST determination involving Gauteng Coaches (Pty) Ltd t/a Gauteng Coaches Stabus Tours (Pty) Ltd and MMA Ramike, the Pension Fund Adjudicator and Others

Financial Services Tribunal (FST)

The following matter was handed down by the Financial Services Tribunal (FST) on 10 December 2021:

  • Gauteng Coaches (Pty) Ltd t/a Gauteng Coaches Stabus Tours (Pty) Ltd (Applicant) and MMA Ramike (First Respondent) and the Pension Fund Adjudicator (Second Respondent) and Others – (case number ...
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Local News


Whistle-blowers move to change Act

Legalbrief Today Issue 5326

At least 22 people who lifted the lid on corruption at their workplace have come together under the banner Whistle-blowers for Change to call for a fundamental reform of the Protected Disclosures Act. The Mail & Guardian previously reported that one of the criticisms of the Act ...

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International News


Westpac NZ issues warning over sophisticated scam

Westpac Bank in New Zealand is warning about a sophisticated new scam involving professional-looking fake documentation. According to RNZ the bank said considerable effort had been put into making an authentic-seeming investment prospectus booklet.

Westpac NZ chief risk officer Carolyn Kidd said internet searches for information about investments and term deposits ...

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EU regulator calls for blockchain input

The European Securities and Markets Authority, the EU’s securities markets regulator, has issued a call for evidence on distributed ledger technology (DLT). An Out-Law.com report says the authority is also seeking input on the need for amending the regulatory technical standards (RTS) on regulatory reporting and transparency requirements. A ...

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Compliance Focus


The financial customer complaints journey

Financial Sector Conduct Authority (FSCA)

Acts, such as the Financial Sector Regulation Act 9 of 2017 (FSR), exist for a variety of reasons, primarily to support and safeguard both consumers and financial institutions and to maintain the efficiency and integrity of the financial system. As a customer of any financial ...

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Working Smart


Why employers and employees should read

By Lee Rossini

As the saying goes, knowledge is power! Well, research shows that reading a book, even for fifteen to thirty minutes a day, has a range of benefits in addition to gaining knowledge. These benefits are likely to positively enhance the experiences of both employers and employees in ...

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General


Crypto regulation and central bank digital currencies in 2022

There are two trends you can count on for 2022 according to a report by Moneyweb – crypto regulation and the arrival of central bank digital currencies (CBDCs).

One also expects to see more formal links between crypto players and financial services companies, according to crypto exchange Luno.

'Globally, we have ...

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Data Protection


PoPIA still relevant for matric results release

Legalbrief eLaw, Issue 1912

The right – and access – to information trumped the Education Department's concerns about non-compliance with the Protection of Personal Information Act (POPIA) when the Gauteng High Court (Pretoria) yesterday ordered the 2021 matric results be published on all media platforms. But the court and the ...

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Namibia


FNB moves to protect its Namibian assets

FNB Namibia said it was unaware that suspects in the Fishrot graft case may have acquired properties through illegal schemes and it vowed to protect its rights. ‘The law protects those who are vigilant and not those who sleep on their rights,’ FNB said in court papers filed in ...

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Namfisa – Don't give bank cards, IDs to microlenders

Namibia Financial Institution Supervisory Institutions (NAMFISA) last week cautioned the public on microlenders retaining possession of bankcards and PIN codes as well as original identification documents (passports, driver's licences or IDs) of borrowers.

Speaking to Allafrica.com Namfisa spokesperson Victoria Muranda said that the retention of bank cards and PIN ...

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Private Equity


Anti-Money Laundering


Will FATF add the UAE to the ‘grey list’?

Despite being a financial powerhouse in the Middle East, the UAE could end up on FATF’s grey list. With a decision looming on the horizon, RiskScreen investigates the impact being ‘grey listed’ could have on the country.

Could the United Arab Emirates soon be joining countries such as Albania ...

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Environmental, Social & Governance


The cycle of ESG and Compliance

Environmental, social, and governance (ESG) issues have been around for many years under a variety of different names (eg, sustainability, etc). Until recently, ESG was often considered to be a public relations function, as corporations sought to enhance their reputations by serving as good corporate citizens, mostly through environmental or ...

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Working Smart

By Lee Rossini

As the saying goes, knowledge is power! Well, research shows that reading a book, even for fifteen to thirty minutes a day, has a range of benefits in addition to gaining knowledge. These benefits are likely to positively enhance the experiences of both employers and employees in the workplace. Whether fiction or non-fiction, the type of book does not matter, as all books have either a story to tell, information to impart or insights to bring to the reader’s attention. The benefits include:

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