国际经济学翻译
SouthAfrica.EA.AbsaBank.041614
1. South African Regulator Fines FirstRand Bank ZAR30 Million for Deficient AML/CTF Controls
BRIEF
Upon completion of its investigation into whether appropriate measures had been implemented to ensure compliance, South African Reserve Bank determined that the Johannesburg-based bank had insufficient anti-money laundering and counterterrorism financing (AML/CTF) measures.
FirstRand Bank violated the Financial Intelligence Entre Act, No. 38 of 2001 when it failed to implement proper AML/CTF controls. The central bank ordered the bank to satisfy the fine and address deficiencies with respect to: identifying and verifying customers’ details; maintaining customer and transactional records; and supervising the process for making amendments to automated
suspicious-and-unusual-transaction-monitoring and reporting systems.
South African Reserve Bank also fined Absa Bank, Nedbank and Standard Bank for AML/CTF inadequacies.
Disclaimer:
This publication provides general information and should not be used or taken as legal advice.