Regulatory Alerts2020-10-09
Central Motors Lichtenburg trading as Mia Motors Notice of Administrative Sanction
The Financial Sector Conduct Authority has issued an administrative sanction against Central Motors Lichtenburg trading as Mia Motors for failing to timely report cash transactions exceeding R24,999.99 under the Financial Intelligence Centre Act. The regulator imposes a total financial penalty of R17,980, requiring an immediate payment of R5,000 by 31 August 2020 while suspending the remaining R12,980 for three years contingent on continued compliance. Mia Motors must also amend its Risk Management and Compliance Programme to incorporate prescribed reporting processes and submit the updated document to the FSCA.
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