Independent Online

Friday, August 19, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

Four SA banks fined over lax controls

The four major South African banks.

The four major South African banks.

Published Apr 16, 2014


Johannesburg - The South African Reserve Bank said on Wednesday that it had had fined the country's top four banks a total R125 million over lax anti-money laundering controls.

The central bank said in a statement that it had fined the South African unit of Barclays (Absa) R10 million, FirstRand R30 million, Nedbank R25 million and market leader Standard Bank R60 million.

Story continues below Advertisement

“The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism,” the central bank said.


Related Topics: