The Financial Sector Conduct Authority (FSCA) has fined Ashburton Fund Managers (Pty) Ltd (AFM) R16 million for breaching certain provisions of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act). AFM, a subsidiary of FirstRand Limited, failed to comply with the FIC Act, aiming to combat money laundering, terrorist financing, and related criminal activities. During a recent inspection, AFM was found in violation of several provisions, including its failure to develop a comprehensive risk management and compliance program (RMCP) and its inability to identify and verify the identity of clients and beneficial owners. AFM also neglected to screen its clients against the Targeted Financial Sanctions Lists (TFSL). The FSCA considers these violations serious, given the nature and size of AFM’s business and its potential risk exposure. While AFM has taken some remedial action, it must fully comply with the FSCA’s directive to address the remaining deficiencies and maintain compliance with the FIC Act. The imposed penalty underscores the FSCA’s commitment to enforcing regulatory compliance and emphasizes the importance of accountable institutions strengthening their anti-money laundering and terrorist financing risk and control measures.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}