Regulatory Alerts2019-09-18
FSCA Administrative Sanction Notice to SATRIX Managers for Financial Intelligence Centre Act Breaches
The Financial Sector Conduct Authority has imposed a R60,000 administrative financial penalty on SATRIX MANAGERS (RF) (PTY) LTD for contravening the Financial Intelligence Centre Act. The sanction addresses SATRIX's failure to register with the Financial Intelligence Centre, its practice of concluding transactions before verifying client identities, and its delayed reporting of eleven cash threshold transactions. SATRIX must pay the penalty by 30 October 2018 and retains the right to appeal within thirty days of receiving this notice.
Share