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Update: Administrative sanction imposed on Ravensberg Advisory

Update: Administrative sanction imposed on Ravensberg Advisory
22-06-22 / Staff Writer

Update: Administrative sanction imposed on Ravensberg Advisory

Pretoria - On 1 February 2022, the Financial Sector Conduct Authority (FSCA) imposed an administrative sanction on Ravensberg Advisory and Consulting Services (Pty) Ltd (Ravensberg) for non-compliance with sections 42(1), 42(2), 28 and 22A of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act). 

Subsequent to this, Ravensberg lodged an appeal with the Appeal Board of the Financial Intelligence Centre to overturn the FSCA’s decision to impose the administrative sanction. Pursuant to engagements between the FSCA and Ravensberg, both parties have agreed 
to settle the appeal.

The settlement agreement between the parties has been made an order of the Appeal Board in terms of section 45D(7)(b) of the FIC Act. The Consent Order provides that, having found Ravensberg’s non-compliance with the FIC Act to be negligent, an amount of R505,000.00 of the financial penalty of R780,000.00 is suspended for three years.

This is conditional upon Ravensberg not contravening sections 42(1), 42(2), 28 and 22A of the FIC Act during the period of suspension. Ravensberg has subsequently withdrawn its appeal.

The FSCA also notes the payment of the settlement amount and the commitment by Ravensberg to remediate the identified compliance deficiencies and control weaknesses. 

The FSCA wishes to emphasise to all accountable institutions that non-compliance with the FIC Act will not be tolerated. Strong action will be taken against entities where such non-compliance is found.

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