Regulatory Alerts2022-07-04
KFS Finserv (Pty) Ltd Notice of Administrative Sanction
The Financial Sector Conduct Authority issued an administrative sanction against KFS Finserv (Pty) Ltd for failing to fully verify client identities under section 21(1)(a) of the Financial Intelligence Centre Act. The regulator directs the financial services provider to verify all unverified clients and submit proof by 28 February 2022, while imposing a total financial penalty of R460,000. Half of this penalty is payable immediately, with the remaining amount suspended for three years provided the company maintains full compliance with the identity verification requirements.
Share