Navigating Regulatory Risk in a Post-Greylisting Environment
South Africa’s greylisting has had widespread consequences, highlighting the growing pressure on businesses to meet both local and international regulatory standards. Regulatory bodies continue to issue substantial fines for non-compliance, impacting companies and individuals alike.
In particular, non-bank entities offering any form of foreign exchange services must secure the appropriate licenses from one or more regulatory authorities in South Africa. Depending on the complexity of the business model and transaction flow, this may include licensing from the FSCA, the SARB’s Financial Surveillance Department, and others.
The FSCA requires that all qualifying non-bank entities implement a robust Risk Management and Compliance Programme (RMCP). Failure to comply may result in severe financial penalties.
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