On 13 August 2024, the FIC Appeal Board dismissed the appeal brought by accountable institution, Capital Point Properties, an estate agency, after administrative sanctions were imposed against Capital Point following a failed inspection of their offices.
At the inspection the FIC determined that Capital Point failed to comply with the FICA requirements to develop and implement a risk management and compliance programme (RMCP) in the timeframe allowed, and to scrutinise clients against the targeted financial sanctions (TFS) list.
The agency’s lack of compliance ultimately resulted in a fine of R266 000. Although Capital Point remedied some of their non-compliance after the enforcement process had commenced, the fines were nonetheless applicable and payable.