Regulatory Alerts2020-11-25
FSCA Administrative Sanction Notice to BOT and Investments CC
The Financial Sector Conduct Authority issued an administrative sanction against BOT and Investments CC for failing to comply with the Financial Intelligence Centre Act. The regulator cited the entity's failure to implement a risk management compliance programme, establish a dedicated compliance function, and provide ongoing employee training regarding anti-money laundering and counter-terrorist financing obligations. Consequently, the FSCA imposed two suspended financial penalties of R10,000 each, which will be enforced if the entity breaches its statutory obligations within a five-year suspension period.
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