Regulatory Alerts2020-11-25
FSCA Administrative Sanction Notice to Standerton Versekeringsmakelaars BK (Jes Venter Finansiele Dienste)
The Financial Sector Conduct Authority has issued an administrative sanction against Standerton Versekeringsmakelaars BK (trading as Jes Venter Finansiele Dienste) for non-compliance with the Financial Intelligence Centre Act regarding its risk management programme, trust due diligence, and employee training. The regulator imposed a total financial penalty of R60,000, comprising an immediate R50,000 payment due by 28 October 2020 and a suspended R10,000 penalty contingent on maintaining compliance over the next three years. The firm must remit the penalties via electronic transfer to National Treasury, submit proof of payment to designated FSCA officials, and ensure its revised risk management programme fully addresses identified money laundering and terrorist financing risks.