The Financial Sector Conduct Authority (FSCA) has imposed a R1.1 million administrative sanction on Mika Finansiële Dienste for failing to implement a risk management and compliance programme for anti-money laundering and counter-terrorist financing.
Mika Finansiële Dienste is an accountable institution under the Financial Intelligence Centre Act, according to the FSCA.The Financial Sector Conduct Authority has imposed an administrative sanction of R1.1 million on Mika Finansiële Dienste for FICA non-compliance because it failed to implement a risk management and compliance programme for anti-money laundering and counter-terrorist financing .
The FSCA is responsible for supervising and enforcing the compliance of financial service providers with the FIC Act’s objective to help combat money laundering, the financing of terrorism and other related criminal activities. All accountable institutions designated under the FIC Act must comply fully with its requirements.Inspection showed FICA breach
Section 21B: For clients that are legal entities, trusts, or similar arrangements between natural persons, an accountable institution must establish the nature of the client’s business and its ownership and control structure. At the time of the inspection, Mika Finansiële Dienste failed to establish and verify the beneficial owner of one of its clients.
“Proper due diligence regarding clients, especially regarding beneficial ownership, is also crucial to help identify and mitigate against suspicious and criminal elements from infiltrating the financial system.”FSCA acknowledges Mika Finansiële Dienste’s commitment to address shortcomings
FICA Anti-Money Laundering Counter-Terrorist Financing Financial Sector Conduct Authority Compliance
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