a reminder to accountable institutions to regularly submit CTRs, risk-rate clients (and potential clients) and comply with your own RMCP
This blog is about the recently imposed administrative sanctions on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd by the FSCA.
The broad reason for the sanctions was the ineffective money laundering/terrorist financing control measures of both accountable institutions, as required by the FIC Act. The total financial penalty imposed by the regulator on these institutions amounted to R11,100,000.00 (excluding an amount of R100,000.00 which is suspended for three years).
The breaches identified by the FSCA were the following:
These cases serve as a reminder to accountable institutions to regularly submit cash threshold reports, risk-rate clients(and potential clients) and comply with your own RMCP.
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The due date for PAIA and POPI is 1 July 2021
PAIA is the acronym for the Promotion of Access to Information Act and it enables people to gain access to information held by public and private bodies so they may exercise any rights they have in relation to the information. It was historically only applied to government organisations and the legislation was expanded to apply to more businesses.
The PAIA manual does not have to be submitted to any regulator or person at this stage, it is, however, very important that the PAIA manual reflects on your company's website should PAIA apply to your company. There are thresholds' in place to indicate which companies are subject to a PAIA compliance and the rest of the companies that fall beneath these threshold amounts are exempt from having to comply with PAIA.
The PAIA thresholds are as follows, and should your company have this amount of employees of annual turnover per specific sector, you need to have a PAIA Manual in place (this may change from time to time):
The due date for PAIA and POPI is 1 July 2021, and it is immensely important that your company complies within the given due date to prevent any fines or penalties by the regulator.
Please contact us if you require any assistance with your PAIA Manual, we will gladly assist you. You can also go to our website for more information on how to contact us.
by: Horizon Compliance team