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Fit and proper’ significant owners of insurers in 2021

03 February 2021

The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) published Joint Standard 1 of 2020 on 1 June 2020, which sets out the requirements for fitness, proprietary and other matters related to ‘significant owners’, as defined and introduced by the Financial Sector Regulation Act (FSRA) 2017.

Serious as a data breach: Another POPI ‘Call to Arms’

21 January 2021

Insurance brokers and financial advisers who collect, process or store client data must invest adequate resources to ensure full compliance with the Protection of Personal Information (POPI) Act or face massive fines. They will have to appoint an information officer and draw up a POPI Plan, among other requirements, to ensure best practice is adhered to, regardless of how data is acquired or shared within the firm. “Personal information, whether it is processed by hand or by automated means such as email, WhatsApp, or Zoom recordings, must comply,” said Rosalind Lake, Director at Norton Rose Fulbright.

KYC compliance catches up with crypto

20 January 2021

Know Your Customer (KYC) procedures are still a work-in-progress in the cryptocurrency industry. But businesses in this space, though still largely unregulated, need to comply with Anti-Money Laundering (AML) legislation or risk facing punitive measures.