Regulatory Alerts2022-08-05
FSCA Draft Amendment to Exemption from Joint Standard 1 of 2020 for Public Comment
The Financial Sector Conduct Authority (FSCA) has published a draft amendment to the exemption from Joint Standard 1 of 2020, inviting public comment until 29 August 2022. The proposed amendment withdraws the current exemption for significant owners of financial service providers, thereby subjecting them to fit and proper requirements regarding honesty, integrity, competence, and financial standing. This regulatory change directly addresses Financial Action Task Force recommendations to prevent criminals and their associates from controlling financial institutions, serving as an urgent interim measure ahead of broader legislative reforms.
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