FCC Flash

On February 28, 2024, the Financial Sector Conduct Authority (FSCA) of South Africa imposed an administrative sanction of R16 million (USD 0.82 million) on Ashburton Fund Managers (Pty) Ltd (AFM) for failing to comply with certain provisions of the Financial Intelligence Centre Act (FICA).

To know more: https://www.fcctimes.com/2024/02/28/financial-sector-watch-fsca-imposes-r16-million-fine-on-ashburton-fund-managers-for-fica-violations/?utm_source=WebsiteText&utm_medium=FCCFlash07Mar24

The violations leading to the fine include:

  • Non-compliance with the Financial Intelligence Centre Act (FICA).
  • Failure to identify and authenticate the identity of certain clients, including beneficial owners.
  • AML/CFT deficiencies in risk management and compliance program (RMCP).
  • Failure to screen customers against the UNSC targeted financial sanctions lists.