Nedbank was fined R35 million by the South African Reserve Bank (SARB) for failing to register substantial cash transactions and failing to keep adequate records. The R15 million penalties was temporarily put on hold by the banking authority. According to a statement released by the central bank on Friday, the fines were imposed after an audit in 2019 to determine the level of compliance with the Financial Intelligence Centre Act (FICA).
Gallo Images/Financial Mail/Russell Roberts
The bank was found to have, among other things, failed to adequately "risk-rate" its clients and to have neglected to record a high number of cash transactions that surpassed the R24,000 threshold.
Nedbank also did not follow its own anti-money-laundering and anti-terrorism policies because it lacked evidence that certain top management clearances were acquired. The Reserve Bank emphasized that there was no proof of Nedbank's involvement in or facilitation of money laundering or the financing of terrorism.
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