- Five banks came under scrutiny when the South African Reserve Bank did routine inspections in 2018
- It came to light that the banks had weaknesses in the way they control money laundering measures
- This led to Standard Bank receiving a R30 million fine and other banks getting sanctions
The South African reported that the South African Reserve Bank (SARB) has fined five banks, including Standard Bank following routine inspections. According to the publication, Standard Bank was given a R30 million fine.
SARB took a look at the banks' money laundering control measures and found them to be weak.
This led to the banks being directed to take action.
The banks, including Standard Bank, that were fined are:
GroBank Limited (formerly known as South African Bank of Athens Limited)
This bank received a fine of R5 million, which was suspended for a period of three years from 13 August 2019, subject to GroBank Limited adhering to certain conditions.
Bank of China
The Johannesburg branch of the Bank of China received a financial penalty of R2 million, suspended for a period of three years from 21 August 2019, subject to adhering to certain conditions imposed by the Reserve Bank.
Ubank received a penalty of R500 000 and given a caution not to repeat their mistake.
HBZ Bank Limited
The bank was also informed to not repeat its offence.
Briefly.co.za learnt that the banks are working with the SARB and will do what's necessary to address their deficiencies.
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