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Financial Services Intelligence Watch
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16 April 2024 Financial Service Intelligence Watch

Legislative Changes and Developments

Treasury to clamp down on money laundering with proposed changes to the ML/TF regulations; international cash transactions exceeding R25 000 to be reported


In accordance with section 77(5)(a) of the Financial Intelligence Centre Act of 2001 (Act No. 38 of 2001), Finance Minister Enoch Gogongwana has extended an invitation to the public for written submissions on the proposed amendments to the Money Laundering and Terrorist Financing Control Regulations. These submissions ...

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Pension Act amendments

Finance Minister Enoch Godongwana has published on the Government website the Pension Funds Amendment Bill which, when approved, will create a new pensions system, writes Wyndham Hartley for CompliNEWS.

The Bill seeks to amend the Pension Funds Act, 1956, to insert certain definitions to provide for the introduction of the savings ...

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Commentary on Legislative Changes and Development

Environmental, Social & Governance

Switzerland introduces stringent non-financial reporting requirements

From 2024, Swiss public interest entities and those regulated by the Financial Market Supervisory Authority (FINMA) will be obligated to publish their inaugural non-financial reports, as mandated by Swiss law, notes a report on the Lexology site. This legislative change, signaling Switzerland's alignment with the global shift towards enhanced ...

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Anti-Money Laundering

Relevant Rulings

FST rejects appeal against Pension Fund Adjudicator's decision; Motus Group v D Mmotlana, PFA, Imperial Logistics

Financial Services Tribunal ('FST' or 'Tribunal')


  • The Motus Group Limited t/a Mercedes Benz v Debra Dineo Mmotlana (First Respondent), Imperial Logistics Limited and Motus Holdings Limited Retirement Fund (Second Respondent) and The Pension Fund Adjudicator (Third Respondent) – case no PFA61/2023


The Tribunal reviewed a Pension Fund Adjudicator ...

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Mhlari NO v Nedbank (Unjust enrichment – condictio indebiti)

Supreme Court of Appeal (SCA)

Parties: Mhlari NO v Nedbank

Citation: (251/2023) [2024] ZASCA 39

Judgment date: 4 April 2024

Keywords: Unjust enrichment – condictio indebiti – condictio sine causa specialis – reasonableness of mistake – rejection of prescription plea


Nedbank and the Trust had purportedly concluded ...

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News from the Regulators

FSCA issues warning against fraudulent activities by impersonator Rina Labuschagne

The Financial Sector Conduct Authority (FSCA) has issued a public warning about Rina Labuschagne, who has been impersonating FP Markets (Pty) Ltd, an authorised Financial Services Provider (FSP number 50926). Labuschagne, utilising WhatsApp for communication, has been soliciting investments from the public under false pretenses, promising unrealistic and excessive returns ...

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Enforcement News

Centriq Life Insurance sanctioned for FICA non-compliance

The South African Reserve Bank (SARB) has taken action against Centriq Life Insurance Company Limited (Centriq) for its failure to comply with Directive 4 of 2022, issued under the Financial Intelligence Centre Act. The directive required certain financial institutions to submit risk returns periodically to assess their anti-money laundering and ...

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Local News

Discovery judgments against RAF mounting

Discovery Health says it has obtained judgments totalling more than R170m since the RAF’s controversial directive not to reimburse past medical expenses where a beneficiary had medical scheme coverage. According to a report in Die Burger, Discovery Health CEO Ron Whelan says the RAF has not resumed payments even after ...

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International News

Compliance Focus

FSCA and B-BBEE Commission join forces to foster financial sector transformation

On 5 March 2024, the Financial Sector Conduct Authority (FSCA) broadcasted the establishment of a Memorandum of Understanding (MoU) with the Broad-Based Black Economic Empowerment (B-BBEE) Commission, a division of the Department of Trade, Industry and Competition (DTIC). This memorandum comes amidst concerns expressed by the B-BBEE Commission regarding what ...

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Working Smart

Brand awareness and cause-related marketing

By Lee Rossini

Today, consumers are increasingly seeking out brands that align with their values. As a result, cause-related marketing has emerged as a powerful strategy for businesses to connect with their audience while making a positive impact on society. This approach involves the collaboration between a for-profit business and ...

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Standard Bank to be an AI 'fast follower'

Standard Bank, Africa’s largest lender by assets, will this year explore the deployment of AI in its operations. It is not looking to be a pioneer in the space, but is positioning itself to be a ‘fast follower’. A BusinessLIVE report notes that the bank’s chair, Nonkululeko Nyembezi, said in ...

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Crypto Assets

Crypto industry gears up for regulatory overhaul in 2024 amid global reforms

The crypto industry is bracing for significant regulatory changes in 2024, with various jurisdictions around the globe enhancing their regulatory frameworks to better supervise and control the rapidly evolving cryptocurrency market, reports Finance Magnates. As detailed by Duncan Ash, Head of Strategy at Coincover, the landscape of crypto regulation is ...

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Data Protection

Information Regulator seeks ICT experts amid rising data breaches

South Africa's Information Regulator, led by advocate Pansy Tlakula, is recruiting for multiple ICT roles to bolster data privacy protection under POPIA and oversee PAIA responsibilities transferred from the South African Human Rights Commission in June 2021. The vacancies include positions for cyber security specialists, systems developers, legal officers ...

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Private Equity

Working Smart

By Lee Rossini

Today, consumers are increasingly seeking out brands that align with their values. As a result, cause-related marketing has emerged as a powerful strategy for businesses to connect with their audience while making a positive impact on society. This approach involves the collaboration between a for-profit business and a non-profit organisation to promote a charitable cause while simultaneously boosting brand awareness. Cause-related marketing offers an opportunity to engage with prospective clients whilst also demonstrating a commitment to social responsibility.


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