Regulatory Alerts2025-01-16
Adams Chrambanis & Associates CC – Notice of Administrative Sanction
The Financial Sector Conduct Authority (FSCA) issued an administrative sanction against Adams Chrambanis & Associates CC for systemic failures in risk management, customer due diligence, governance, and targeted financial sanctions screening. The authority directs the firm to remediate these deficiencies by 31 December 2024, specifically requiring client risk-rating, enhanced due diligence, and the appointment of a competent compliance officer. A total financial penalty of R825,000 is levied, with R485,000 payable immediately and a further R300,000 suspended for three years contingent upon sustained compliance with the Financial Intelligence Centre Act.
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