Tag: compliance

In our current economic climate, many Micro, Small and Medium Enterprises (MSMEs) are facing a harsh reality. Although the market is awash with money, access to traditional credit remains limited. This is largely due to regulations like Basel III, which require banks to hold more capital and tighten their risk assessments.

South Africa has tightened Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations since the Financial Action Task Force (FATF) greylisting in 2023. The country has now been recently removed from the FATF greylist after two years of scrutiny. However, financial crime remains widespread.

Our recent research conducted in the Middle East, Turkiye and Africa (META) region, titled “Cybersecurity in the workplace: Employee knowledge and behaviour”, reveals key insights about AI use in South Africa. The study found that 72.5% of professionals surveyed in the country use Artificial Intelligence (AI) tools for their work tasks. However, only 30% have received training on the cybersecurity aspects of neural networks.

We welcome the decision by the Financial Action Task Force (FATF) to remove South Africa from the list of jurisdictions under increased monitoring, also known as the “grey list”. The FATF announced this decision on Friday, 24 October, at the conclusion of its plenary held from 20 to 24 October 2025. This announcement came 32 months after our country was placed on the grey list in February 2023.

South Africa’s new Code of Good Practice: Dismissal took effect, replacing the previous codes on dismissal and operational requirements. The new dismissal code, guided by the Labour Relations Act 66 of 1995 (LRA), offers employers practical guidance on handling dismissals related to misconduct, incapacity and retrenchments.

When a trust suffers a loss through negligence, misconduct or mismanagement, can the beneficiaries take legal action directly against a third party? The answer is nuanced. Recent legal developments, such as the McCann vs McCann case in the KwaZulu-Natal High Court, are bringing new clarity to the rights and remedies available to trusts and their beneficiaries.

Governance conversations everywhere - in boardrooms, conferences, and social platforms - are often punctuated by phrases such as “best practice”, “governance with purpose” and “future-ready boards.” Yet good intentions alone rarely change outcomes.

For many taxpayers, especially expatriates, managing South African tax obligations from a distance can be complicated. Years may pass without any direct interaction with the South African Revenue Service (SARS). During that time, key details such as contact information, banking details and tax number status often become outdated.

South Africa’s Employment Equity Amendment Act (EEAA) came into effect on 1 September 2025. This followed the Gauteng High Court’s dismissal of an urgent application to halt its implementation. The government aims to enforce sectoral targets on race and gender representation to accelerate transformation. However, beneath the policy rhetoric lies a complex reality that many employers, particularly in manufacturing, will struggle to manage.

Just a few years ago, neobanks and fintechs were regarded as disruptive competitive threats to incumbent Financial Institutions (FIs). Now, the script has changed. These startups and innovators are viewed as potential merger and acquisition (M&A) opportunities or as partners for larger banks.