Regulatory Alerts2020-10-09
Employees Benefit International Notice of Sanction
The Financial Sector Conduct Authority has issued a sanction notice to Employees Benefit International requiring the submission of a compliant Risk Management and Compliance Programme (RMCP) and proof of payment for outstanding financial penalties by 31 August 2020. An onsite inspection in February 2019 revealed the company contravened sections 42 and 43 of the Financial Intelligence Centre Act by failing to develop, document, and implement an RMCP and by neglecting mandatory employee training. Failure to satisfy these directives will enable the FSCA to file the notice as a binding civil judgment in court under section 45C(7)(b).
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