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FSCA fines Sanlam unit R10.6 million for anti-money laundering failures
The Mercury
|October 14, 2025
SOUTH Africa's financial regulator has imposed a R10.6 million fine on Sanlam Collective Investments (SCI) for failing to meet anti-money laundering obligations under the Financial Intelligence Centre Act (FIC Act), it said on Monday.
The Financial Sector Conduct Authority (FSCA) said the sanction follows an inspection in March 2024 which uncovered serious compliance failures, including ineffective implementation of SCI’s risk management and compliance programme (RMCP), inadequate due diligence on clients, and deficiencies in identifying and reporting suspicious transactions.
SCI, a unit of financial services giant Sanlam Ltd and a registered manager of collective investment schemes, is classified as an “accountable institution” under the FIC Act, which mandates measures to prevent money laundering and the financing of terrorism.
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