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Joint authorities lay down the law for insurer outsourcing

08 July 2024

Stakeholders in the life and non-life insurance sectors have just received another regulatory instrument in their mailboxes, labelled Joint Standard 1 of 2024: Outsourcing by Insurers, published 17 May 2024. The Joint Standard should give the industry’s compliance teams something to chew over while they wait for the next mega regulatory meal to be served; the long-awaited Conduct of Financial Institutions (COFI) Bill has been simmering since its first draft back in 2018, and is surely imminent.

How legal practitioners can bolster their Risk Management and Compliance Programmes

03 July 2024

Financial Intelligence Centre (FIC) inspections of legal practitioners has increased since last year. This is likely due to the Centre tightening the reins on Financial Intelligence Centre Act (FICA) compliance, as they try to help get South Africa off the grey list.

Compliance about much more than dodging a FIC fine

27 June 2024

Compliance and control officers who do not enjoy full buy-in from the business will end up fighting a losing battle. This no-nonsense prediction set the scene for an insightful discussion on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory framework, and South Africa’s progress towards getting removed from the Financial Action Task Force (FATF) grey list.

Forecasting 2024: regulatory changes

27 May 2024

The financial industry finds itself at the nexus of anticipation and uncertainty. In the realm of regulations, the forthcoming year promises a canvas painted with both optimistic hues and potential challenges.

quick poll

Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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