Regulatory Alerts2024-10-07
Mika Finansiele Dienste (Pty) Ltd FSP 2046 Notice of Sanction
The Financial Sector Conduct Authority has issued an administrative sanction notice to Mika Finansiele Dienste (Pty) Ltd for failing to comply with the Financial Intelligence Centre Act regarding its risk management programme, client risk rating, and beneficial owner identification. The regulator directs the financial services provider to amend its Risk Management and Compliance Programme, submit evidence of risk ratings for remaining clients by 30 June 2024, and pay an immediate financial penalty of R500,000. A further R600,000 penalty is suspended for three years and becomes immediately payable if the company fails to maintain compliance with the specified FIC Act provisions during that period.
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