Regulatory Alerts2020-11-25
Fortunate Brokers Administrative Sanction Notice
The Financial Sector Conduct Authority issued an administrative sanction to Fortunate Brokers CC for non-compliance with the Financial Intelligence Centre Act regarding its Risk Management and Compliance Programme, employee training, and goAML login credentials. The regulator reprimanded the firm for sharing credentials and imposed a suspended R10,000 financial penalty that will be enforced if non-compliance recurs within three years. Fortunate Brokers must ensure exclusive use of goAML credentials and submit proof of effective employee training by 31 August 2020.
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