Sasfin Holdings says it has fired all the employees in its foreign exchange business unit who colluded with clients to circumvent South Africa’s exchange control and anti-money laundering regulations.
The bank and wealth management company also said in its annual results to the end of June that it was co-operating with the authorities in their investigations and has terminated its relationship with the clients implicated in the allegations of financial conduct, which go back to 2014.
In September 2022, the Daily Maverick published an article alleging that an investigation by the South African Revenue Service indicated that Sasfin Bank employees helped to launder money made from illicit tobacco sales. In March this year, an Al Jazeera report alleged that Sasfin staff, as well as those employed by two other banks, were involved in laundering money in exchange for bribes from an international gold-smuggling syndicate with ties to Zimbabwe.
“Sasfin commissioned an investigation by a leading international audit firm to thoroughly investigate the allegations and determine whether any employees or clients were involved, and how the alleged financial misconduct had occurred,” Sasfin said.
“The evidence gathered from the investigation demonstrated that a group of Sasfin employees in the foreign exchange business unit had colluded with the implicated clients to enable the circumvention of exchange control and anti-money laundering regulations, as well as to subvert our system of internal controls. All implicated employees have been dismissed, and criminal cases have been opened where appropriate.”
Sasfin said it has taken “significant steps to strengthen the group’s lines of defence and continues to enhance these further”.
In September this year, Sasfin’s external auditors, PwC, submitted an initial notification to the Independent Regulatory Board for Auditors (IRBA) that a suspected reportable irregularity might have occurred. The basis for this were the findings of an investigation by the Prudential Authority, the company said.
The investigation looked into allegations that Sasfin Bank contravened various laws, including the Financial Intelligence Centre Act (FICA), the Banks Act, and the Exchange Control Regulations, and that certain prescribed officers and the board may have failed to discharge their duties adequately under section 76(3)(c) of the Companies Act, read with sections 60 and 60B of the Banks Act.
After additional audit work, PwC notified IRBA in October that, in their opinion, the suspected reportable irregularity is no longer taking place and that adequate remedial actions have been taken.
Both investigations found no evidence of involvement by members of senior management or of the board in the alleged financial misconduct, Sasfin said.
In October, the South African Reserve Bank (Sarb) notified Sasfin Bank that it intended to impose administrative sanctions for alleged contraventions of FICA, the Exchange Control Regulations, and the Banks Act.
Sasfin said it was in the process of preparing its response to the notice. If the PA, after having considered the bank’s submissions, imposes a sanction, Sasfin is entitled to a reconsideration of the findings by taking the matter on appeal and/or review.
Sanction in 2019
In July 2019, the PA imposed administrative sanctions on Sasfin Bank for non-compliance with certain provisions of FICA.
The sanctions comprised a fine of R500 000 and a directive to take remedial action for failure to provide adequate training to certain employees, as required by section 43(a) of FICA, read with the guidance provided by the Financial Intelligence Centre in Public Compliance Communication 18.
“It should be noted that the administrative sanctions were not imposed because Sasfin Bank was found to have facilitated transactions involving money laundering or the financing of terrorism,” the Sarb said at the time.
The Sarb said Sasfin Bank had taken the necessary measures to address the identified compliance deficiencies and control weaknesses.
I have dealt with a company called Dokken global
All deposits are done within sasfin bank accounts with their names probably fake names.
They claim to be a business who does foreign exchanges but asks for more money in order to withdraw.
Please assist and help me
These people scam you out of your money while doing trades that look and feel legit and keep asking you to transfer more in a thing they call a joint trade where by you trade once with a certain amount, then you trade again with another amount and then a 3rd or 4th time as well but the money stays stuck in the trading website and never comes out into your account. But I withdrew once with a smaller amount then they give you a code and then someone else transfers the money into your account with the details they give you.
I was scammed by Flywheel rent to own . They were using Sasfin Bank Ltd and thought that they are a legit company on the 20 Dec 2023 .
I was scammed by the same company named Dokken Global traders is there anyway to help me get my money back?
Same here. Absolutely disgusting.
Hi.. I was scammed by the same dokken and global.. Do u still have them on telegram..
I can help u..
Hi i have dem on telegram i was also scammed by them
Scammed by Dokken Global. Is there no way of getting your money back
A guy by the name of Justin Le Roux is your mentor that does the trading they hook you by subscribing on YouTube pages and send screenshots
I was also scammed a lot of money by dokken global, I asked to close my account, they told me it’s impossible, there is a receptionist and justin is the mentor they tell you stories after stories.
Scammed today by this Dokken asked to deposit 2880 and to my surprised asked to deposit 15 000 as for me to withdraw my 2880 saying we must complete the trade l really don’t under how we do that as joint where by every does have his or her account and this thing of paying in someone account very suspicious and most people are Sasfin Bank , The mentor keeps on telling me to deposit and continue with the trade , his name is Christopher Harry and Receptionist Imani Elizabeth , was told m being offered a job to subscribe on YouTube and get some commission not trade , Becareful guys l have learned a lesson not to ever involve myself in this online quick business is them who make money out of you not you making money , imagine how many people that did not withdraw their money
The same two people Imani and Christopher scammed me too of 2880 after asking me for more 15000 with the people I believe work together.
Hi.. I was scammed by the same dokken and global.. Do u still have them on telegram..
I can help u.. Expose then the right way
A company by the name Dokken exchange scammed me almost R45 000 when I was supposed to get my money they told me that I lost. I used Sasfin Banking details to deposit the money. I have the number of the person who introduced to this. Sasfin please investigate my case I have also involved my bank to deal with the matter. Names of these people are Hanna the receptionist and Dean the mentor. I have all screenshots of our conversation.
I was scammed by Dokken Global with an amount of R179 380.00 ,my bank came back today & advised that Sasfin’s fraud department the funds have been withdrawn, I ended up overdosing on tablets , landed up in the hospital & this bunch of thieves just went on with their lives ,just like the other people I was advised that I lost , the receptionist Nandi was the 1 that said I should invest the R2880 once there I found myself in a group with others ,the lowest amount was R7500 I told them I don’t have that capital & was told I can’t back out now & must make a plan for the money , the totals kept increasing, I honestly think the other 3 members in the group were part of the scam ,they don’t care if you drop dead as long as they stole every cent they could from you – may you rot in hell you bastards ,for everything you did to me & my family!
You not going to get back a cent Nozuko ,they took everything we had
They scammed me aswell . Is there anyway I can get my money back .
I was also scammed.. The same way
I was also an unlucky being scammed by an account from Sasfin bank account, contact me for the account number
Dokken Global is a syndicate working with people from Sasfin bank. This has to reported to Interpol. They don’t only scam South Africans but everyone they get hold of. If how no one knows. Is Sasfin a South African Bank?