Legal Updates

The Prudential Authority (PA) deems it necessary to incorporate beneficiaries as a risk factor for money laundering and terrorist financing. The PA issued a directive to accountable institutions to collect identification particulars of beneficiaries to determine if they are politically exposed, if they are on any targeted financial sanctions lists or they have appeared in any adverse media. Just SA supports the Financial Intelligence Centre to combat money laundering and terrorist financing activities.

Read about the requirements from our legal team. 

POPIA is a data protection law that requires institutions like Just Retirement Life (South Africa) Limited (Just SA) to deal with the processing of personal information of data subjects (both natural and juristic persons). It provides privacy rights and consumer protection to South Africans in relation to how institutions like Just SA process personal information.

Read the FAQs from our legal team.

The SARB Prudential Authority (PA) provided clarity on the transfer of assets and liabilities between insurers, and other related matters. The PA grants standing approval in respect of the transfer of a compulsory linked annuity policy from one insurer to another, or to a compulsory conventional annuity policy.  Insurers must comply with the conditions set out in the notice, which among others includes written consent from the policyholder. The PA will also propose amendments to the Insurance Act that deals with the transfer of assets and liabilities associated with insurance business from an insurer to a pension fund.

Read the full summary from our legal team.