The Price of Non-Compliance
On 4 October 2024, the South African Reserve Bank sanctioned Bidvest Bank and HSBC for serious lapses in compliance with the Financial Intelligence Centre Act (FIC Act). These penalties highlight the critical importance of robust compliance systems to avoid financial and reputational risks. As HSBC exits South Africa and Bidvest faces significant penalties, the consequences of non-compliance are clearer than ever.
The Importance of Transparent Third-Party Screening: Lessons from the Enviro Mobi Tender Scandal
The recent Enviro Mobi tender scandal highlights the importance of thorough third-party screening. At NGA, we’re enhancing our system by automatically pulling director information, ensuring businesses have full transparency and avoid the risks associated with undisclosed relationships and conflicts of interest.