South Africa
SARB impose administrative sanctions on five banks─── 09:08 Sat, 21 Dec 2019
PHOTO: brandsouthafrica.com
The South African Reserve Bank has imposed administrative sanctions on five banks.
The banks include Standard Bank, GroBank, Ubank, Bank of China in Johannesburg and HBZ Bank.
After conducting a routine inspection, the Reserve Bank found flaws in money-laundering measures at these banks.
Only HBZ was not fined but was cautioned not to repeat the non-compliance.
The other four banks were fined between R500,000 and R30-million.
Standard Bank says it will comply with the requirement and has taken action following the imposing of sanctions.
