{"id":148025,"date":"2016-12-15T18:37:21","date_gmt":"2016-12-15T16:37:21","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=148025"},"modified":"2016-12-15T18:37:21","modified_gmt":"2016-12-15T16:37:21","slug":"reserve-bank-fines-absa-r10-million-after-money-laundering-probe","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/148025\/reserve-bank-fines-absa-r10-million-after-money-laundering-probe\/","title":{"rendered":"Reserve Bank fines Absa R10 million after money laundering probe"},"content":{"rendered":"<p>The South African Reserve Bank (SARB) has imposed fines on two local banks because of weaknesses it said it found in their control measures to combat money laundering.<\/p>\n<p>The Reserve Bank said it imposed administrative sanctions on Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Johannesburg Branch, and Absa Bank Limited (Absa), and has directed the firms to take remedial action.<\/p>\n<p>The SARB said it conducted inspections in terms of the Financial Intelligence Centre Act (FIC Act) and found weaknesses in both bank&#8217;s anti-money laundering and combating the financing of terrorism control measures.<\/p>\n<p>It imposed the following penalties:<\/p>\n<p><strong>Absa<\/strong>: A financial penalty of R10 million and a directive to take remedial action in the following area:<\/p>\n<ul>\n<li>certain identified weaknesses in the bank\u2019s controls and working methods pertaining to transaction monitoring.<\/li>\n<\/ul>\n<p><strong>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/strong>: A financial penalty of R2 million and a directive to take remedial action in the following areas:<\/p>\n<ul>\n<li>identifying and verifying customers\u2019 details (better known as know-your-customer or KYC requirements);<\/li>\n<li>maintaining customer and transactional records as prescribed.<\/li>\n<\/ul>\n<p>The central bank said that the financial penalty is, however suspended for a period of two years from 27 October 2016, subject to Soci\u00e9t\u00e9 G\u00e9n\u00e9rale adhering to certain conditions.<\/p>\n<p>It stressed that neither bank was found to have facilitated transactions involving money laundering or the financing of terrorism.<\/p>\n<p>The SARB said that both banks &#8220;are cooperating with the SARB and have taken measures to address the identified compliance deficiencies and control weaknesses&#8221;.<\/p>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/banking\/132782\/reserve-bank-fines-5-sa-banks-after-money-laundering-probe\/\" target=\"_blank\">Reserve Bank fines 5 SA banks after money laundering probe<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The South African Reserve Bank (SARB) has imposed fines on two local banks because of weaknesses it found in their control measures to combat money laundering.<\/p>\n","protected":false},"author":10,"featured_media":114804,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26],"class_list":["post-148025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/148025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=148025"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/148025\/revisions"}],"predecessor-version":[{"id":148027,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/148025\/revisions\/148027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/114804"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=148025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=148025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=148025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}