Regulatory Alerts2020-10-09
Goodsure Brokers (Pty) Ltd Administrative Sanction
The Financial Sector Conduct Authority has issued an administrative sanction to Goodsure Brokers (Pty) Ltd for non-compliance with the Financial Intelligence Centre Act regarding its risk management programme, employee training, third-party record notifications, and client verification. The notice directs the firm to customize its risk management and compliance programme, provide documented employee training, notify the Financial Intelligence Centre of third-party record keeping, and verify all current and prospective clients by specified August 2020 deadlines. A total financial penalty of R35,000 is imposed, with R15,000 suspended for three years contingent upon continued compliance, while the remaining R20,000 must be paid by 7 August 2020.