The Financial Sector Conduct Authority (FSCA) has imposed significant sanctions on two authorised FSPs for extensive non-compliance with the Financial Intelligence Centre Act (FIC Act).
Findings
Failed to implement an effective RMCP, relied on a copy-paste of legislation without tailored processes, did not risk-rate ...
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In terms of section 151(1) of the Financial Sector Regulation Act, 2017 (FSR Act), the Financial Sector Conduct Authority (FSCA) has accepted an enforceable undertaking from Soul City No. 1 Funeral Parlour CC, Amashiba Amahle Funeral Parlour (Pty) Ltd, and Mr Nkosinathi Frederick Mkhwanazi (director of both entities).
Background ...
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By Lee Rossini
Artificial intelligence (AI) is reshaping financial services. However, successful AI adoption in this highly regulated industry goes beyond technology; it also requires a cultural shift. Building a business culture that embraces AI ensures that employees understand, trust, and effectively integrate these tools into their daily work.
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