Regulatory Alerts2021-04-13
FSCA Administrative Sanction Notice to Maxi Forces Financial Services
The Financial Sector Conduct Authority (FSCA) issued an administrative sanction to Maxi Forces Financial Services (Pty) Ltd for failing to implement a compliant Risk Management and Compliance Programme under the Financial Intelligence Centre Act. The regulator imposed a combined financial penalty of R20,000 due to the company's missing programme and its board's failure to ensure employee compliance, mandating payment via electronic transfer by 15 February 2021. Although the identified non-compliances have been remediated, the FSCA deems the penalty sufficiently dissuasive to prevent recurrence and provides a 30-day window for MAXI to lodge an appeal.
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