Regulatory Alerts2025-01-16
Sasfin Notice of Sanction - June 2020
The Financial Sector Conduct Authority (FSCA) issued an Administrative Sanction Notice to Sasfin Securities (Pty) Ltd for failing to comply with Financial Intelligence Centre Act requirements on client verification, record-keeping, and staff training. The notice mandates the company to urgently rectify customer due diligence records for twenty-two non-compliant accounts, make its Risk Management and Compliance Programme accessible to employees, and deliver ongoing compliance training. A R400,000 financial penalty is levied and must be electronically transferred within thirty days, while section 45D of the FIC Act grants Sasfin a thirty-day window to lodge a formal appeal.
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