#administrativesanctions – Moonstone Information Refinery

Video interview: New mutual insurer enters the market

The South African Reserve Bank cites deficiencies in Access Forex’s RMCP, customer verification, and staff training.

Mareo-John Nel breached the FAIS Act after signing an enforceable undertaking to remedy the same unlawful conduct he committed previously.

HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.

Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.

Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.

The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.

The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.

The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.

The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.