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Due diligence under the spotlight

Due diligence under the spotlight

Court Papers filed in the United States reveal that a host of Africa’s former political leaders and their families are allegedly stashing their cash in South Africa’s property market, once again highlighting the importance of due diligence. “The country’s status as Africa’s most sophisticated financial hub and its low prosecution rate are enabling politically exposed persons to hide vast amounts of money in real estate,” a February...

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SA companies must complete compliance checklist

SA companies must complete compliance checklist

The new Companies and Intellectual Property Commission (CIPC) compliance checklist, which came into effect on 1 January 2020, requires all companies (except CCs) to complete a 24-question compliance list along with their annual returns. Companies are required to indicate if they complied with a particular section during the previous calendar year but only allows for yes/no answers and makes no provision for explained responses. Failure to...

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Outsourcing by an insurer

Outsourcing by an insurer

Requirements regarding outsourcing by an insurer are comprehensively set out in the Prudential Standard GOI 5 and one would think it is simple, but is it? Adv Freddie Eilers, MD of Assent Legal, penned this article for Cover magazine’s October edition. Many insurers outsource material and non-material business activities to providers for various reasons. Some of these reasons include an opportunity for Insurers to have access to expert...

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FIC Amendment Act comes into force this week

FIC Amendment Act comes into force this week

The FIC Amendment Act will be enforced on 2 April 2019 – are you ready? As an accountable or reporting institution you will need to be particularly diligent ­– especially when dealing with legal entities, which can be used to hide the identity of suspected criminals as well as the source of funds and the true purpose of those funds. The aim of Financial Intelligence Centre (FIC) legislation is to combat financial crimes, including money...

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Variation of Licence issued under Financial Advisory and Intermediaries Act

Variation of Licence issued under Financial Advisory and Intermediaries Act

If you have been on the FSCA website lately you may have noticed that the categories on your licence seem somewhat different. This is as a result of the changes that have been brought about with the publication of Board Notice 194 of 2017. In short, if you were licenced for Licence category – Short Term Insurance Personal Lines, Long Term Insurance subcategory B1 and Long-Term Insurance Category B2 on 1 April 2018, then your licence would...

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