Latest News & Developments
A legal expert warns that South African banks could face US sanctions following new American legislation that prohibits account closures based on reputational risk. As the US Banking Committee implements the FIRM Act, South African financial institutions may need to reconsider their practices or risk hefty fines from US authorities.
Standard Bank faces a hefty R13m penalty from the Prudential Authority for serious lapses in compliance with the Financial Intelligence Centre Act, raising concerns about its anti-money laundering measures
The Financial Intelligence Centre (FIC) has intensified its efforts to combat financial crime in South Africa by expanding oversight to non-financial sectors. Discover how these measures aim to address the country's FATF greylisting and recover millions in criminal proceeds
Ruling reinforces the assertion of economic sabotage.
Sekunjalo is suing several major South African banks for bias and racial discrimination, and has launched several concurrent lawsuits to support its Equality Court case
Nedbank's ties to Regiments Capital and the controversial Gupta family, underscores the intricate web of corruption and complicity that is gripping the nation
The greylisting of South Africa by the Financial Action Task Force (FATF) was announced on February 24 this year, two days after the 2023 Budget Speech.
In their misguided attempts to criticise Sekunjalo Group, Independent Media, and Dr Iqbal Survé, Chris Roper and Ann Crotty miss the broader point: Arbitrary actions by powerful institutions threaten democratic values, says the writer.
But despite the existing potential reputational risk, the banks as compelled by the regulatory authority are taking it upon themselves to close bank accounts instead of reporting suspicious activity to the FIC in line with the FIC Act
A trustee convicted of any offence as a result of not acting in terms of the amended TPCA laws will be liable to a fine of up to R 10 million, or imprisonment for up to five years, or to both such fine and imprisonment.