Regulatory Alerts2021-04-13
JAB Financial Services Notice of Administrative Sanction
The Financial Sector Conduct Authority (FSCA) has issued an administrative sanction against JAB Financial Services CC for failing to comply with key provisions of the Financial Intelligence Centre Act regarding risk management programmes and customer due diligence. The regulator imposed a combined financial penalty of R20,000 due to the firm's inadequate implementation of its risk management and compliance programme and insufficient ongoing employee training. JAB must pay the penalty by 30 October 2020 or face court enforcement, though it retains the right to lodge an appeal within thirty days of receiving the notice.
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