Regulatory Compliance

The establishment and supervision of a compliance function must be part of the risk management framework within companies. This includes the identification of all applicable regulatory and statutory requirements, the review of business processes and the establishment of policies and procedures to ensure compliance with such requirements. The regulatory framework for financial services companies includes, among others, the following legislation and regulations:

  • The Financial Advisory and Intermediary Services Act (FAIS)
  • The Financial Institutions Protection of Funds Act
  • The Financial Intelligence Centre Act (FICA)
  • The Prevention of Organised Crime Act (POCA)
  • The Protection of Constitutional Democracy Against Terrorist and Related  Activities Act (PROCDATARA)
  • The Pension Funds Act
  • The Trust Property Control Act
  • The Administration of Estates Act
  • The Promotion of Access to Information Act (PAIA)

RAFT is equipped to provide the following services in respect thereof:

  • A risk based review of applicable legislation and existing policies and procedures;
  • The development of compliance policies and risk based monitoring programmes;
  • The provision of compliance training;
  • The performance of comprehensive quarterly compliance reviews and the provision of full written reports on all findings and recommendations to the board of directors;
  • The preparation and submission of compliance reports in accordance with regulatory requirements;
  • Regular on-site visits to maintain registers and records and conduct monitoring;
  • The provision of a fully comprehensive compliance advisory service that includes the assessment of regulation and legislation that might be likely to affect the company in the future;
  • Representation at relevant compliance and governance related industry forums;
  • Liaison with the FSB and other industry bodies.

Contact Specialist Partner

 

Email: rayhaan.adam@raft.co.za

Cell: 27 (0)82 786 1270