The South African Reserve Bank’s Prudential Authority has imposed administrative sanctions on Ninety One Assurance Limited for breaches of the Financial Intelligence Centre Act identified during a 2023 inspection. The sanctions comprise two cautions, two reprimands and a ZAR 6 million financial penalty, of which ZAR 2.5 million is conditionally suspended for 36 months from June 19, 2025. The breaches involved inadequate enhanced due diligence on sampled client files and deficiencies in the firm’s Risk Management and Compliance Programme. The program did not adequately address sanctions screening, prominent influential person screening or risks associated with the business and its clients, and Ninety One could not evidence sufficiently documented and implemented compliance policies, procedures and controls. The firm cooperated with the authority and indicated that it had taken the required remedial action.
2026-09-11South African Reserve Bank
South African Reserve Bank’s Prudential Authority sanctions Ninety One Assurance for FIC Act breaches, imposes ZAR 6 million penalty
The South African Reserve Bank’s Prudential Authority has sanctioned Ninety One Assurance Limited for due diligence and compliance program deficiencies under the Financial Intelligence Centre Act. The measures include two cautions, two reprimands and a ZAR 6 million penalty, with ZAR 2.5 million conditionally suspended for 36 months from June 19, 2025.