Tuesday, 20 October 2026

Regulatory action against a financial institution resulted in a 28 million rand administrative penalty for shortcomings under the FIC Act, showing how costly compliance gaps can become.

Compliance is not a once-off exercise. A customer's ownership, political exposure or transaction patterns can change after onboarding, so risk has to be reassessed continuously rather than verified once.

Compliance activities spread across spreadsheets, emails and separate databases create inconsistencies and gaps, so a screening check can be completed while a later change in risk profile never reaches the relevant team.

Technology is an enabler, not a substitute for good governance. A new system cannot compensate for poorly refined internal processes, lack of accountability or inadequately trained employees.

Parenting coach Zonke Shazi says a healthy lunchbox need not be expensive: pack protein, greens and a little starch, and replace juice with water.