R2.9 billion crackdown on businesses in South Africa

• The Financial Sector Conduct Authority in South Africa imposed a record R2.89 billion in fines on businesses for misconduct in the year through 31 March.
• The fines were levied against several companies, including online-trading platform Banxso, which was also withdrawn from licensing and had its officials debarred for 30 years.
• The crackdown is seen as a contributing factor to South Africa's removal from the Financial Action Task Force's dirty-money list in 2025, and the regulator plans to continue investigating market abuse in the coming year.