Business
SARB sanctions Deutsche Bank and Discovery Life─── 05:00 Wed, 07 Apr 2021
The South African Reserve Bank has imposed administrative sanctions on Deutsche Bank’s Johannesburg branch and Discovery Life, after it found weaknesses in the institutions’ money-laundering control measures.
Business Day reports the Bank fined Deutsche Bank R28m and and Discovery R1.5m. This followed an inspection conducted in 2019 in terms of the Financial Intelligence Centre Act.
Fica mandates the Prudential Authority within the Reserve Bank to supervise and enforce compliance with Fica provisions in accountable institutions it supervises.
The authority inspects these institutions to assess whether they have appropriate and adequate measures and money-laundering or terrorist-financing controls in place that would enable them to effectively comply with the provisions of Fica.
Moneyweb
