Regulatory Alerts2025-01-16
FSCA Administrative Sanction Notice to Prime Collective Investments Schemes Management Company
The Financial Sector Conduct Authority has issued an administrative sanction against Prime Collective Investments Schemes Management Company for non-compliance with the Financial Intelligence Centre Act, specifically regarding its risk management programme and customer due diligence processes. The regulator imposed a total financial penalty of R1 600 000, requiring an immediate payment of R1 million and suspending a further R600 000 for three years pending the completion of beneficial ownership reviews across all client files by late November 2024. Prime must also update its compliance framework to accurately identify, report, and freeze property linked to sanctioned entities, with any future breaches triggering the immediate recovery of the suspended penalty.