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.
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.