According to the Financial Sector Conduct Authority’s (FSCA) latest Regulatory Actions Report, there has been a nearly 60% increase in new matters brought to its attention between April 2024 and the end of March this year. Of these, around 70% relate to unregistered financial services and insurance activities, a growing area of concern for regulators.

The FSCA said it remains focused on investigating complex, high-impact offences such as money laundering, fraud, corruption, and the financing of terrorism.

FSCA Commissioner Unathi Kamlana said the authority is turning to advanced technology to strengthen its ability to identify and respond to risks in real time.

“The strategic intent here is to begin to deploy advanced digital tools and analytics,” Kamlana said. “The use of analytics enables us to detect misconduct earlier, respond faster and coordinate more effectively across the supervisory landscape. This is particularly important in light of the growing wave of digital scams.”

As scams and financial fraud increasingly shift into the digital space, the FSCA says its focus will remain on early detection and swift enforcement. The regulator has also encouraged members of the public to remain vigilant and to verify the legitimacy of financial services providers.

--ChannelAfrica--