Administrative sanctions have been imposed by the South African Reserve Bank due to non-compliance.
The South Africa n Reserve Bank has imposed administrative sanctions on Old Mutual Life Assurance Company Limited due to non-compliance. Picture: Karen Sandison/Independent Newspapershas imposed administrative sanctions on OMLACSA due to their non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 , after a FIC Act inspection was conducted in 2020.
– OMLACSA failed to comply with its customer due diligence obligations in terms of sections 21 and/or 21A to 21H of the FIC Act in that it failed to conduct CDD on sampled active customer relationships. – OMLACSA failed to comply with its cash threshold reporting obligations in terms of section 28 of the FIC Act, read with FIC Act Regulations 22B, 22C and 24. They failed to timeously report cash transactions above the prescribed limit to the Financial Intelligence Centre .
According to Sarb, the PA imposed a caution not to repeat the conduct which led to the non-compliance.
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