Regulatory Alerts2024-03-20
Du Toit Advisors CC Sanction Notice
The Financial Sector Conduct Authority has issued an administrative sanction against Du Toit Advisors CC for failing to comply with the Financial Intelligence Centre Act following a January 2023 supervisory inspection. The regulator mandates that the firm amend and implement its Risk Management and Compliance Programme by 30 April 2024 while imposing a total financial penalty of R473,000, comprising an immediate payment of R250,000 and a suspended R223,000 contingent on continued compliance. This enforcement action addresses specific deficiencies in the firm’s customer due diligence processes, including inadequate identity verification, beneficial ownership assessments, and ongoing monitoring of its client portfolio.
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