The South African Reserve Bank has imposed R35 million in fines on Nedbank for failures that included not reporting cash transactions of large amounts & shortcomings in record-keeping. The banking authority conditionally suspended R15 million of the fine.
In a statement on Friday, the central bank said that the penalties followed an inspection in 2019 to assess whether the bank complied with the Financial Intelligence Centre Act .
Among other failures, it was found that the bank did not sufficiently"risk-rate" its clients and that it failed to report a significant number of cash transactions that exceeded the threshold of R24 999.99. Nedbank also failed to comply with its anti-money laundering and anti-terrorism rules in that it was unable to prove that certain senior management approvals were obtained.
"It is important to highlight that there was no evidence of Nedbank being involved in or facilitating transactions involving money laundering or the financing of terrorism," the Reserve Bank said. In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
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