Regulatory Alerts2021-07-08
FSCA Administrative Sanction Notice to Momentum Wealth (Pty) Ltd
The Financial Sector Conduct Authority imposed a R100,000 financial penalty on Momentum Wealth (Pty) Ltd for failing to risk-rate trust beneficiaries and report 301 cash transactions exceeding R24,999.99 dating back to December 2010. The regulator determined these long-standing contraventions were serious and indicative of management governance gaps, particularly the absence of audits on cash threshold reporting between 2010 and 2017. The sanction reflects the institution's transparency during inspection and its subsequent implementation of remedial measures, including beneficiary risk-rating, account freezes, and system audits.
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