Sanlam Collective Investments (SCI), a subsidiary of South Africa’s largest insurer, Sanlam Ltd, has been hit with a R10.6 million administrative penalty by the Financial Sector Conduct Authority (FSCA) for multiple breaches of the Financial Intelligence Centre Act (FIC Act). The fine follows a March 2024 inspection that uncovered significant compliance failures, raising concerns about … Continue reading Sanlam Collective Investments under fire for compliance failures