PA fines Discovery Bank R3m for FICA compliance failures
A 2021 inspection found late submission of suspicious activity reports, inadequate staff training, delayed monitoring responses, and shortcomings in the bank’s RMCP.
#suspiciousandunusualtransactionreports
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.
Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
