The Reserve Bank (SARB) says it has imposed administrative sanctions on five banks over weaknesses in money laundering control measures.
The SARB has directed the banks to take remedial action.
The Reserve Bank says in a statement that it imposed the fines after routine inspections conducted in terms of the Financial Intelligence Centre Act.
The five banks are Standard Bank, GroBank, Ubank, Bank of China and HBZ Bank Limited.
Standard Bank received the biggest administrative penalty of R 30 million for not complying with suspicious and unusual transaction reporting requirements.
R7.5 million of that sanction is suspended for three years.
The Reserve Bank itself… https://t.co/MLwK1jWE4S pic.twitter.com/AssvSgIJDp
— Arabile Gumede (@ArabileG) December 20, 2019
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