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How attorneys, notaries and conveyancers can help fight crime

The Financial Intelligence Centre Act (FIC Act) requires accountable institutions, identified in the Act to fulfil compliance obligations, which are geared to assist in identifying the proceeds of crime, combating money laundering and terrorist financing.

A caveat to the debarring of financial representatives

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A recent judgment in the Supreme Court of Appeal has reconfirmed that the duty of debarring representatives, who do not meet the requirement of a ‘fit and proper’ person as prescribed in the FAIS Act, falls fairly and squarely on the shoulders of financial services providers (FSPs).

Treasury’s Special Budget is up against significant challenges

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On Wednesday, 24 June, Minister Mboweni will table a Special Adjustment Budget. This is an extraordinary event, precipitated by the effect of the COVID-19 outbreak that has caused so many deaths and ravaged great parts of the economy.

Companies in financial distress: considerations in restructuring

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The COVID-19 lockdown has battered the already ailing South African economy. Despite the pending lift of the lockdown, companies will likely battle to stay afloat as the full impact of the pandemic plays out. Companies with insufficient liquidity face a high risk of collapse.

The impact of big data on the financial services sector

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Changes in the way customers expect to engage with the financial services sector and increasing pressure from regulators is compelling financial services companies to come up with innovative ways to manage their data. Financial services businesses view information/data as a significant corporate asset.

Towards a transparent system of beneficial ownership

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Financial crime in the world is a significant problem that South Africa and the global community have to deal with on a continual basis. A week hardly passes by where the media doesn’t report on a case involving alleged fraud, corruption or looting of funds that did not end up in the hands they were originally intended. This has the potential to devastate the economic balance.

How to handle a pay cut: keeping calm in a financial...

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The COVID-19 pandemic has brought the global economy to its knees, and inevitably many employers will need to contain costs by cutting salaries. Being hit with a salary cut or a retrenchment is something every employee dreads, but it’s important not to panic and to manage the situation as responsibly as possible.

The Audit: another victim of COVID-19 pandemic

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COVID-19 has taken the world by storm, so much so that plunges in global stock markets are making history in terms of the low levels being hit, as well as the speed at which the collapses are occurring. For the first time in history, the US oil prices fell below zero. From travel bans and cancelled sporting events to national lockdowns, COVID-19 has influenced global and personal realities.

Fintech start-up to save South Africans from growing credit-trap

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South African fin-tech start-up, Payflex, is on the warpath with South Africa’s debt crisis. We intend to save online consumers from themselves by encouraging them to spend responsibly while offering online shoppers an interest-free payment solution. Our arrival to market is well-timed.

SARB rate cut: support for economy weakened by COVID-19

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The Monetary Policy Committee (MPC) once again unanimously voted in favour of lowering the repo rate this month, although 2 out of the 5 members preferred a shallower cut. In a vote of 3 to 2, the MPC decided to lower the repo rate by 50bp to 3.75%.

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