Financial and Business News

South Africa Fines QuickTrade in Widening AML Sweep That Has Hit Multiple CFD Brokers

Monday, 16/02/2026 | 13:02 GMT by Jared Kirui
  • The regulator faulted the broker for lacking clear procedures for verifying client identities and understanding client transactions.
  • Recently, FSCA revoked the license of another online trading firm, Afrimarkets.
South Africa
A flag of South Africa

South Africa’s watchdog imposed a penalty of R710 000 (approximately $44,000) on online trading platform QuickTrade, citing that the firm failed to comply with several key provisions of Financial Intelligence Centre Act. The move mirrors a series of recent fines imposed on CFD brokers in the region as the regulator tightens its policies.

Deficient Risk Management and Compliance

The Financial Sector Conduct Authority (FSCA) found that the CFD broker failed to set out how it would identify, assess, monitor, mitigate and manage money laundering, terrorist financing and proliferation financing risks to which its business is exposed.

The regulator faulted the firm for not adequately addressing how the firm avoids opening business relationships with clients using false or fictitious names.

It also did not explain how it would establish and verify client identities, determine whether future transactions fit its knowledge of each client, or apply additional and enhanced due diligence to higher-risk legal entities, trusts and partnerships.

Additionally, the FSCA noted failures in how QuickTrade applied customer due diligence. QuickTrade did not consistently establish and verify its clients’ identities as required.

Read more: South Africa's Online Trading Firm Afrimarkets Stripped of Licence, Firm Denies Wrongdoing

It did not obtain sufficient information on the source of funds for those clients, which limited its ability to assess the legitimacy of transactions and detect potential red flags.

Penalty, Remediation and Wider Warning to Industry

The firm failed to gather adequate information on the nature of its clients’ businesses, as well as their ownership and control structures, undermining its understanding of who ultimately benefits from and controls the accounts. The regulator also highlighted failures in QuickTrade’s cash reporting obligations.

Regulatory pressure on South Africa’s online trading sector is rising as Afrimarkets Capital was recently stripped of its financial services provider license after a misconduct probe by the FSCA.

The license withdrawal came after months of scrutiny of Afrimarkets’ business practices and represents a clear escalation in the FSCA’s efforts to clamp down on misconduct in the retail trading space.

Around the same time, the county announced plans formajor reforms to its over-the-counter derivatives market to curb systemic risks and strengthen supervision of non-bank participants. FSCA indicated that new capital and clearing requirements could be rolled out within the next three years.

South Africa’s watchdog imposed a penalty of R710 000 (approximately $44,000) on online trading platform QuickTrade, citing that the firm failed to comply with several key provisions of Financial Intelligence Centre Act. The move mirrors a series of recent fines imposed on CFD brokers in the region as the regulator tightens its policies.

Deficient Risk Management and Compliance

The Financial Sector Conduct Authority (FSCA) found that the CFD broker failed to set out how it would identify, assess, monitor, mitigate and manage money laundering, terrorist financing and proliferation financing risks to which its business is exposed.

The regulator faulted the firm for not adequately addressing how the firm avoids opening business relationships with clients using false or fictitious names.

It also did not explain how it would establish and verify client identities, determine whether future transactions fit its knowledge of each client, or apply additional and enhanced due diligence to higher-risk legal entities, trusts and partnerships.

Additionally, the FSCA noted failures in how QuickTrade applied customer due diligence. QuickTrade did not consistently establish and verify its clients’ identities as required.

Read more: South Africa's Online Trading Firm Afrimarkets Stripped of Licence, Firm Denies Wrongdoing

It did not obtain sufficient information on the source of funds for those clients, which limited its ability to assess the legitimacy of transactions and detect potential red flags.

Penalty, Remediation and Wider Warning to Industry

The firm failed to gather adequate information on the nature of its clients’ businesses, as well as their ownership and control structures, undermining its understanding of who ultimately benefits from and controls the accounts. The regulator also highlighted failures in QuickTrade’s cash reporting obligations.

Regulatory pressure on South Africa’s online trading sector is rising as Afrimarkets Capital was recently stripped of its financial services provider license after a misconduct probe by the FSCA.

The license withdrawal came after months of scrutiny of Afrimarkets’ business practices and represents a clear escalation in the FSCA’s efforts to clamp down on misconduct in the retail trading space.

Around the same time, the county announced plans formajor reforms to its over-the-counter derivatives market to curb systemic risks and strengthen supervision of non-bank participants. FSCA indicated that new capital and clearing requirements could be rolled out within the next three years.

Topics
South Africa
About the Author: Jared Kirui
Jared Kirui
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Jared is an experienced financial journalist passionate about all things forex and CFDs.

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