South Africa’s Financial Sector Conduct Authority (FSCA) imposed administrative sanctions on Sithembile Holdings, Mbuli Finance and Mmela Financial Services for breaches of the Financial Intelligence Centre Act. The licensed financial services providers received fines totaling ZAR 770,000 and directives to remedy deficiencies involving financial crime controls and compliance with regulatory information requests. Mbuli and Mmela maintained noncompliant risk management and compliance programs and failed to screen clients against United Nations targeted financial sanctions lists. Mmela also failed to conduct and document required customer due diligence, while Mbuli had not registered with the Financial Intelligence Centre, screened a key employee against sanctions lists or complied on time with an information directive. Sithembile failed to provide information requested for a planned onsite inspection. The FSCA fined Sithembile ZAR 100,000, Mbuli ZAR 220,000 and Mmela ZAR 450,000, with ZAR 225,000 of Mmela’s penalty conditionally suspended for three years. Mmela has paid the applicable amount, Mbuli agreed to a payment arrangement and Sithembile has not yet paid.
2026-09-09South Africa Financial Sector Conduct Authority
South Africa's Financial Sector Conduct Authority fines three providers ZAR 770,000 for financial crime control failures
South Africa’s Financial Sector Conduct Authority fined three financial services providers ZAR 770,000 for breaches of financial crime control and regulatory information requirements. The failures included deficient compliance programs, inadequate customer due diligence, sanctions screening lapses and noncompliance with information directives. ZAR 225,000 of Mmela Financial Services’ ZAR 450,000 penalty is conditionally suspended for three years.