Regulatory Alerts2021-07-16
FSCA Administrative Sanction Notice to World Wide Advisory Services (Pty) Ltd
The Financial Sector Conduct Authority (FSCA) issued an administrative sanction against World Wide Advisory Services (Pty) Ltd for non-compliance with the Financial Intelligence Centre Act, specifically regarding risk management programmes, transaction reporting, and ongoing due diligence. The regulator imposed a total financial penalty of R50,000, mandating an immediate payment of R20,000 while suspending the remainder for three years contingent upon sustained adherence to prescribed regulatory standards. Should the company breach these FIC Act provisions during the suspension period, the suspended penalties will become immediately payable and enforceable through court judgment.
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