- The Financial Sector Conduct Authority (FSCA) has provisionally withdrawn the operating license of Salt Asset Management (SAM) due to adverse findings during an inspection and ongoing supervision of the company.
- As a result of this withdrawal, SAM is prohibited from providing financial services to clients or representing any financial product provider until the provisional withdrawal is lifted.
- The FSCA is currently investigating recent media reports alleging SAM’s involvement in money laundering and associated activities. The public is advised to verify the authorization of entities and individuals offering financial services by contacting the FSCA.
The Financial Sector Conduct Authority (FSCA) has provisionally withdrawn the operating license of Salt Asset Management (Pty) Ltd (SAM), effectively barring the firm from conducting business as a Financial Services Provider (FSP) under the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act).
This decision comes after unfavorable findings resulting from an FSCA inspection of SAM between November 29 and December 1, 2022, which uncovered violations of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act). The FSCA also noted additional FIC Act contraventions through its ongoing supervision of the company.
With the provisional withdrawal of SAM’s FSP license, the company is now prohibited from providing financial services to clients or representing any financial product provider, as stipulated in section 3 of the Financial Sector Regulation Act, No. 9 of 2017 (FSR Act). This prohibition will remain in place until the FSCA lifts the provisional withdrawal under section 9(4)(a)(i) of the FAIS Act.
The FSCA has made this decision public in accordance with section 9(3)(b) of the FAIS Act, allowing for the provisional withdrawal notice to be published on its official website and, if needed, other appropriate public platforms.
Furthermore, the FSCA is currently considering recent media reports alleging SAM’s involvement in money laundering and associated activities. The regulatory body views these allegations with utmost seriousness.
The public is encouraged to verify the authorization of entities and individuals offering financial products, services, or advice by contacting the FSCA via its toll-free number (0800 110 443), searching for authorized financial institutions by license and product category online, or conducting an online search to confirm an entity’s authorization as an FSP under the FAIS Act.