South Africa's Financial Sector Conduct Authority (FSCA) has provisionally withdrawn the operating license of Salt Asset Management (Pty) Ltd (SAM), it said in a statement on 19 April.
The FSCA said it was "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".
The license withdrawal decision "followed 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, No. 38 of 2001 (FIC Act), as well as other FIC Act contraventions noted by the FSCA through its ongoing supervision of the entity".
The FSCA further said the provisional withdrawal of SAM's FSP license meant that "SAM may not render any financial services to clients, and on behalf of any financial product provider, as contemplated in section 3 of Financial Sector Regulation Act, No. 9 of 2017 (FSR Act), until and unless such provisional withdrawal is uplifted by the FSCA in terms of section 9(4)(a)(i) of the FAIS Act".
The publication of this decision is made in terms of section 9(3)(b) of the FAIS Act, pursuant to which the FSCA may make known the provisional withdrawal by notice on its official website and, if necessary, through any other appropriate public platforms.
