Regulatory Alerts2024-11-21
Tana Africa Capital Managers (Pty) Ltd FSP 44568 Notice of Sanction
The Financial Sector Conduct Authority issued administrative sanctions against TANA Africa Capital Managers (Pty) Ltd for non-compliance with the Financial Intelligence Centre Act concerning risk management, customer due diligence, and targeted financial sanctions. The regulator mandated an amended Risk Management and Compliance Programme by 30 April 2024 and levied a total penalty of R2.9 million, requiring an immediate payment of R1.9 million while suspending the remaining R1 million for three years pending continued compliance. The firm must also establish ongoing client screening against United Nations Security Council lists to effectively mitigate money laundering and terrorist financing risks.
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