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.
#enhancedduediligence
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.
