Regulatory Alerts2024-03-20
Ashburton Fund Managers (Pty) Ltd Notice of Sanction
The Financial Sector Conduct Authority has issued an administrative sanction notice against Ashburton Fund Managers for systemic non-compliance with the Financial Intelligence Centre Act, specifically citing deficiencies in its risk management and compliance programme, customer due diligence processes, and targeted financial sanctions screening. The regulator imposed a total financial penalty of R16 million, requiring immediate payment of R10 million by late February 2024 while suspending the remaining R6 million for three years conditional upon full remediation of identified compliance gaps. Ashburton must amend its risk management framework and review all client files by June 2024, with the suspended penalty becoming immediately payable if further non-compliance occurs during the suspension period.