FSB Warns Public Against Clement Maloi, Posing as Director at the Group

The Financial Services Board (FSB), an independent regulatory group operating in South Africa, has issued a warning to the general public urging market participants and individuals to avoid contact or dealings with Clement Maloi, a man claiming to be director at the FSB, according to a group filing.

Mr. Maloi maintains no relation with the FSB and has been making fraudulent calls and pleas to solicit funds. More specifically, Mr. Maloi, whose contact number is + 27-83 510 9964, has been speaking with public individuals, misleading them into believing that they are going to receive a lump sum of cash which has been approved by the South African Reserve Bank’s clearance department.

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In order to receive this payout however, customers are charged a fee, which is illegal solicitation – the payment is said to ‘ensure quick clearance of the remittance’ which was promised to the customer.

It is important to note that the FSB does not require any payment at any time from any customer for Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term services, based on existing laws. The FSB cautions individuals not to engage in any sort of transaction or communication with Mr. Maloi.