Regulatory Alerts2020-10-09
Brian Michael Papas Administrative Sanction Notice
The Financial Sector Conduct Authority issued an administrative sanction against Brian Michael Papas for failing to comply with the Financial Intelligence Centre Act by sharing goAML login credentials and neglecting client identity verification. The Authority directed Papas to ensure its Money Laundering Compliance Officer stops sharing login credentials and imposed a suspended financial penalty of R4,000 for three years contingent on continued compliance with section 21. Papas may appeal the decision within thirty days by submitting a notice and mandatory fee to the FIC Act Appeal Board or via email.
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