Regulatory Alerts2023-09-28
Jannie Parsons Future Financials Appeal Board Judgement
The Financial Intelligence Centre Act Appeal Board upheld an R870,000 financial penalty against Jannie Parsons Future Financials for failing to develop and implement a compliant anti-money laundering and counter-terrorist financing risk management programme. The panel rejected the company's claims regarding timely remedial actions and low-risk products, ruling that statutory compliance duties apply irrespective of client risk ratings. The decision confirms the Financial Sector Conduct Authority's sanction as appropriate, ensuring accountable institutions maintain robust compliance frameworks aligned with international standards.
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