FINANCIAL REGULATOR AGAIN EXTENDS THE EXEMPTION ON COMPLIANCE OFFICER VISITS – SAYOUTH CAREERS
The FSCA has again extended the impunity on the specified visits to FSPs ’ business demesne by compliance officers.
FAIS Notice 119 of 2017 exempted, until the end of December 2019, compliance officers from the minimal intervals for visits and reports specified in section 4( 4) of Board Notice 127 of 2010, “ Qualifications, experience, and criteria for blessing as compliance officer ”.
The impunity was extended for another two times, and in 2021, it was extended to the end of December last time.
In terms of FAIS Notice 85 of 2023, published on 18 December, the impunity will now remain in place until 30 June 2026.
The impunity remains subject to a compliance officer’s clinging to the conditions set out in section 2 of Notice 119 of 2017.
The conditions include
A compliance officer must conduct “ sufficient ” visits to an FSP’s business demesne. The frequence and number of visits must be determined by considering
the nature, scale, and complexity of the business, The nature and range of fiscal services, conditioning, and ancillary services offered; the FSP’s compliance pitfalls considering the nature and range of fiscal services, conditioning, and ancillary services offered, the fiscal products offered, and the request in which the FSP operates;
the vacuity and acceptability of out- point monitoring tools and off-point access to the FSP’s business data.
A compliance officer must apply a monitoring programme that covers all areas of the provider’s fiscal services, conditioning, and applicable ancillary services, to insure that compliance pitfalls, and changes to those pitfalls, are exhaustively covered.
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Must review the monitoring programme regularly, as well as on an ad- hoc base when necessary, to insure that arising pitfalls are taken into consideration.
The CO must “ regularly ” report to the provider on at least the following the acceptability and effectiveness of the overall control terrain for fiscal services and conditioning; The pitfalls and scarcities that have been linked; and the remedies accepted or to be accepted.
Must inform the FSP that the impunity notice applies to the service he or she provides. who fails to cleave to any of the conditions will lose the impunity.
Closing date: Not Specified
