The Financial Sector Conduct Authority (FSCA) has provisionally withdrawn the operating licence of South African firm Salt Asset Management.
The regulator has prevented them from conducting business as a financial services provider (FSP) under the Financial Advisory and Intermediary Services Act 2002.
The decision follows adverse findings emanating from an inspection conducted by the FSCA on SAM between 29 November 2022 and 1 December 2022 in terms of the Financial Intelligence Centre Act.
The provisional withdrawal of SAM’s FSP licence means that SAM may not render any financial services to clients, and on behalf of any financial product provider, until the ban is lifted by the FSCA.
Allegations
The asset manager came up recently in an Al-Jazeera exposé revealing the intricate workings of alleged money laundering and gold smuggling in Zimbabwe.
The FSCA said it is aware of recent media reports suggesting the potential involvement of SAM in certain money laundering and associated activities.
“These allegations are viewed in a very serious light and are currently being considered by the FSCA”, it added.
