FSCA imposes R3m fine on Ninety One for FICA lapses
An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.
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FICA non-compliance costs bank R10 million
Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.
Prudential Authority fines major bank R13m for FICA non-compliance
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
