As South Africa’s regulatory landscape becomes increasingly stringent, Financial Service Providers (FSPs) are facing increasing pressure to ensure full compliance. In a recent interview with Samantha Darsen on Lotus FM, Dany Mawas, our CEO for Africa, provided valuable insights into the challenges and opportunities arising from the Financial Sector Conduct Authority’s (FSCA) 2023/24 annual report, as well as the implications of South Africa’s greylisting by the Financial Action Task Force (FATF).

The interview is conducted against a background of ongoing enforcement efforts by the FSCA. In the past year alone, the FSCA has imposed nearly 1 billion rand in penalties for breaches in market conduct rules.

Finalto is one of a small number of financial institutions in South Africa with an ODP (Over-the-counter Derivative Product) licence. During the interview, Mawas begins by explaining why regulatory compliance is so important to protect people from fraud, maintain market integrity and promote fair competition. He added that ultimately, it boils down to maintaining trust.

Throughout the brief discussion, Mawas and host Samantha Darsen also talked about the role of the FSCA, the consequences to firms of non-compliance and what the future could bring to regulation in South Africa.

To gain deeper insights into these critical issues, listen to the full interview below.