Subject Title - INSETA

10.3.2 Civil remediesRestrainingorderPaymentorder The Registrar may approach any court with jurisdictionfor a restraining order against a person if the Registrarhas reason to believe a person has or is going tocontravene or not comply with any provision of the FAISAct. The court may also order that the person takesappropriate remedial steps to rectify the consequencesof the actions or omissions, including any prejudice orpotential prejudice to clients. 137The Registrar may also approach a court and take legal actionagainst a person who contravened or did not comply with anyprovision of the FAIS Act for payment of: money as compensation to anyone who suffered lossesas a result of the non-adherence or non-compliancewith the Act. a penalty for punitive purposes (as punishment) asdetermined by the court. interest payment. the legal fees incurred by the Registrar – as decided bythe Court. 138 ; and the balance of the funds must be distributed to thosewho suffered losses.It is important to ensure that there are procedures and processes in place toavoid actions that can be regarded as offences and/or that may give rise tocivil remedies and/or fines being imposed under FAIS.10.3.3 Anti-money-laundering controlsThere is an obligation on FSPs who are accountable institutions as defined inthe Financial Intelligence Centre Act 139 (FIC) to have all the necessarypolicies, procedures and systems in place to ensure full compliance with theFIC Act and other applicable anti‐money-laundering or terrorist financinglegislation. 140137 Section 33(1) of the Act138 Section 33(2) of the Act139 Act 38 of 2001140 Paragraph 8(1)(e) of Board Notice 106 of 2008202 © INSETA - Section 1 12a