Regulatory Alerts2021-07-16
WDB Growth Fund Notice of Administrative Sanction
The Financial Sector Conduct Authority issued an administrative sanction to WDB Growth Fund (Pty) Ltd for non-compliance with the Financial Intelligence Centre Act concerning customer due diligence, risk management procedures, and registration reporting. The regulator imposed a total financial penalty of R30 000, directing the fund to pay R20 000 by 18 June 2021 while suspending a further R10 000 for three years conditional on continued compliance. The fund must submit proof of payment to the FSCA and retains the right to appeal the decision within 30 days.
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