FIC finalises Guidance Note 7B after industry feedback
The final Guidance Note makes targeted changes, but the regulator’s feedback discloses how it weighed industry concerns and refined key aspects of the guidance.
#enhancedduediligence
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.
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.
