Tag: SW360
When compliance gaps turn into expensive lessons
The latest regulatory action against a major financial institution resulted in a R28 million administrative penalty. The penalty followed shortcomings under the Financial Intelligence Centre Act (FICA). It is a timely reminder that compliance cannot become a once-off exercise.
Beneficial ownership – the risk behind the paperwork
When organisations conduct due diligence on a new customer, supplier or business partner, they often feel reassured once they verify the basics. The company registration checks out, the directors are identified, and the necessary documentation has been collected. The onboarding process then moves forward with confidence.
