Regulatory Alerts2023-01-13
Notice of Administrative Sanction Against Overal Financial Services CC
The Financial Sector Conduct Authority has issued an administrative sanction against Overal Financial Services CC for failing to verify client identities and screen clients against targeted financial sanctions lists under the FIC Act. The regulator imposed a R60,000 financial penalty, requiring an immediate payment of R10,000 while suspending the remaining R50,000 for three years contingent upon continued compliance. Overal Financial Services must submit proof of payment to designated FSCA officials and may appeal the decision within thirty days, with non-compliance during the suspension period triggering immediate payment of the suspended amount.
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