Regulatory Alerts2024-10-07
Sunlight Financial Services (Pty) Ltd - Notice of Administrative Sanction
The Financial Sector Conduct Authority has issued an administrative sanction against Sunlight Financial Services (Pty) Ltd for failing to comply with the Financial Intelligence Centre Act regarding its risk management programme, client due diligence, staff training, and targeted financial sanctions screening. The regulator imposes a total R600 000 financial penalty, mandating an immediate payment of R300 000 and suspending the remainder for three years conditional on full remediation, while directing the company to update its risk programme and screen sampled clients against designated lists by December 2024. This enforcement action compels the financial services provider to align its operations with South Africa’s risk-based anti-money laundering framework and mitigate exploitation risks.