SARB Fines Top Four Banks For Lax Anti-Money Laundering Controls

News: The South African Reserve Bank (SARB) imposed a total penalty of ZAR125mn (USD12mn) on the nation's top four lenders for lax anti-money laundering controls. The central bank fined the South African subsidiary of Barclays Africa Group ZAR10mn (USD960,000), FirstRand ZAR30mn (USD2.89mn), Nedbank ZAR25mn (USD2.4mn) and Standard Bank ZAR60mn (USD5.77mn), according to a statement issued by the SARB (Reuters). 'The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism,' the SARB said. Standard Bank and Nedbank claimed that they were taking corrective measures to strengthen their controls.

SARB Fines Top Four Banks For Lax Anti-Money Laundering Controls

News: The South African Reserve Bank (SARB) imposed a total penalty of ZAR125mn (USD12mn) on the nation's top four lenders for lax anti-money laundering controls. The central bank fined the South African subsidiary of Barclays Africa Group ZAR10mn (USD960,000), FirstRand ZAR30mn (USD2.89mn), Nedbank ZAR25mn (USD2.4mn) and Standard Bank ZAR60mn (USD5.77mn), according to a statement issued by the SARB (Reuters). 'The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism,' the SARB said. Standard Bank and Nedbank claimed that they were taking corrective measures to strengthen their controls.

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