Regulatory Alerts2019-09-18
Notice of Administrative Sanction for BGC SA Financial Brokers (Pty) Ltd
The Financial Sector Conduct Authority issued an administrative sanction against BGC SA Financial Brokers (Pty) Ltd for failing to develop and implement a compliant Risk Management and Compliance Programme under the Financial Intelligence Centre Act. The authority directs BGC to review its programme regularly, distribute it to relevant employees by 21 September 2019, and provide ongoing staff training. A financial penalty of ten thousand rand is imposed and must be paid by the same deadline, with non-payment enforceable as a civil judgment.
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