Nedbank has defended itself after the South African Reserve Bank fined it R35m for contravening the Financial Intelligence Centre Act.
Nedbank says a R35-million fine imposed on it by the SA Reserve Bank followed a compliance inspection conducted from May to June 2019 — less than two months after fundamental amendments to the Financial Intelligence Centre Act were required to be implemented by 2 April 2019.
Nedbank contends that the extended delays in the definition of requirements affected the timeous finalisation of system requirements and the bank’s comprehensive information technology transformation programme was already “well under way”. With reference to the administrative sanctions, a Nedbank spokesperson said it was important to highlight the following:
The administrative compliance deficiencies have all since been remediated by Nedbank, and Nedbank has cooperated fully with the SA Reserve Bank.
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