Regulatory Alerts2022-07-04
Foremost Finance (Pty) Ltd Notice of Administrative Sanction
The Financial Sector Conduct Authority issued this administrative sanction against Foremost Finance (Pty) Ltd for non-compliance with the Financial Intelligence Centre Act regarding its Risk Management and Compliance Programme and customer due diligence obligations. The regulator mandates an immediate payment of R60,000 by 21 October 2021 while suspending the remaining R100,000 for three years, contingent upon the company maintaining full compliance with the specified statutory sections. Failure to adhere to these requirements during the suspension period will trigger the immediate recovery of the full suspended penalty, and the company retains a thirty-day right to appeal the decision.
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