Regulatory Alerts2022-07-04
Ravensberg (Pty) Ltd Consent Order on Financial Penalty Variation
The Financial Sector Conduct Authority issued a consent order with Ravensberg (Pty) Ltd that varies the regulator’s February 2022 financial penalty of R780,000. The agreement suspends R505,000 for three years contingent on continued compliance with designated Financial Intelligence Centre Act sections, while mandating payment of the remaining R275,000 by 30 April 2022. The appellant may further reduce the payable amount by applying its previously submitted appeal fee toward the penalty.
Page 1 of 2 IN THE APPEAL BOARD OF THE FINANCIAL INTELLIGENCE CENTRE ACT 12/3/1/5-RACS/FSCA (1/22) In the matter between: RAVENSBERG ADVISORY AND CONSULTING SERVICES (PTY) LTD APPELLANT and THE FINANCIAL SECTOR CONDUCT AUTHORITY RESPONDENT CONSENT ORDER
BY AGREEMENT between the parties, it is ordered, in terms of section 45D(7)(b) of the Financial Intelligence Centre Act, No. 38 of 2001 (‘the Act”), that:
- The Respondent’s sanction imposed on the applicant in the Respondent’s sanction notice of 1 February 2022, specifically paragraphs 5.2 and 5.3 is varied as follows: 1.1. 5.2. Having found Ravensberg’s non-compliance with the Act as negligent, the amount of R505,000.00 of the financial penalty of R780,000.00 is suspended for 3 years, on condition that Ravensberg is not found to be non-compliant with sections 42(1), 42(2), 28 and 22A of the FIC Act during the period of suspension.
Page 2 of 2 1.2. 5.3 Ravensberg is to pay the balance of the financial penalty of R275,000.00 via electronic fund transfer on or before 30 April 2022 and into the following account: Account Name : NRF – FIC Act Sanctions Account Holder : National Treasury Account Number : 80552749 Bank : South African Reserve Bank Code : 900145 Reference : FSCA Sanction – Ravensberg 2. The appeal fee paid by the appellant when the appeal was noted, can be used to pay the penalty in part.
By order