Regulatory Alerts2024-03-20
FSCA Administrative Sanctions Notice to Theuns Vosloo Financial Advisory Services CC
The Financial Sector Conduct Authority has imposed administrative sanctions on Theuns Vosloo Financial Advisory Services CC for non-compliance with the Financial Intelligence Centre Act concerning risk management programmes, customer due diligence, and targeted financial sanctions screening. The regulator mandates that the firm amend its Risk Management and Compliance Programme, verify client identities, and screen all clients against sanctions lists by 31 December 2023. A total penalty of R400,000 is levied, with half payable immediately and the remainder suspended for three years contingent upon sustained regulatory adherence.
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