
Prudential Authority sanctions three banks for FICA breaches
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.
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 fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
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