Regulatory Alerts2021-04-13
AFS Capital Notice of Administrative Sanction
The Financial Sector Conduct Authority has issued an administrative sanction against AFS Capital CC for multiple contraventions of the Financial Intelligence Centre Act, including failures in customer due diligence, employee training, and risk management compliance. The regulator imposed a caution against repeating the non-compliant conduct alongside a combined financial penalty of R20,000.00, which must be paid via electronic transfer by 15 February 2021. AFS Capital must submit proof of payment to the FSCA and retains the right to lodge an appeal with the FIC Act Appeal Board within thirty days of receiving this notice.
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