Regulatory Alerts2025-01-16
FSP 180 Wealth Portfolio Managers (Pty) Ltd – Notice of Final Sanction
The Financial Sector Conduct Authority has issued a final administrative sanction against Wealth Portfolio Managers (Pty) Ltd for systemic non-compliance with the Financial Intelligence Centre Act, specifically regarding its Risk Management and Compliance Programme, customer due diligence, and targeted financial sanctions screening. The regulator has imposed a total financial penalty of R200 000 alongside formal reprimands and a caution, directing the firm to fully remediate all identified deficiencies by 31 October 2024. Wealth Portfolio Managers must demonstrate compliance through documented processes, enhanced client screening, and proof of payment to avoid further enforcement action.
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