Regulatory Alerts2022-07-04
FSCA Final Administrative Sanction Notice to Ravensberg Advisory and Consulting Services (Pty) Ltd
The Financial Sector Conduct Authority (FSCA) has issued a final administrative sanction notice to Ravensberg Advisory and Consulting Services (Pty) Ltd, imposing R780 000 in financial penalties for systemic failures under the Financial Intelligence Centre Act. The sanctions address specific non-compliances, including inadequate implementation of the Risk Management and Compliance Programme, failure to conduct proper client risk assessments and beneficial ownership verification, and delayed reporting of suspicious and high-value cash transactions. While R480 000 is immediately payable, the FSCA has partially suspended R300 000 for three years contingent upon Ravensberg maintaining compliance with the relevant statutory provisions.
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