Regulatory Alerts2021-07-08
Momentum Collective Investment (RF) (Pty) Ltd Sanction Notice Letter
The Financial Sector Conduct Authority has imposed a R6 300 000 financial penalty on Momentum Collective Investment (RF) (Pty) Ltd for failing to comply with the Financial Intelligence Centre Act. The sanction addresses MCI's failure to risk-rate 38 clients and report 419 cash transactions exceeding the prescribed threshold, requiring payment by 06 July 2021. The notice outlines MCI's remedial steps, appeal rights within 30 days, and the consequences of non-payment.
Share