Regulatory Alerts2025-01-16
Credicover Notice of Administrative Sanction
The Financial Sector Conduct Authority has issued an administrative sanction against Credicover CC for failing to comply with key provisions of the Financial Intelligence Centre Act. The regulator identified deficiencies in the company’s risk management programme, employee training, client identification processes, and transaction record-keeping. Credicover must pay a R125,000 financial penalty by 20 March 2020 while simultaneously updating and distributing its risk programme to staff and completing mandatory compliance training.
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