The fines imposed on Bidvest and HSBC bank cumulatively amount to at least R25 million, but conditional suspensions may apply.
Bidvest Bank in Joburg. Picture: Simphiwe Mbokazi/IndependentNewspapersThe South African Reserve Bank has imposed administrative sanctions and fines to the tune of about R25 million on both Bidvest Bank and HSBC over non-compliance with the Financial Intelligence Centre Act .Last week, the Sarb iWhy fine Bidvest?
“The administrative sanctions imposed on Bidvest Bank are due to its failure to comply with a provision of the FICA and consist of a caution not to repeat the conduct which led to the non-compliance,” the Reserve Bank said in a statement. The central bank said that Bidvest Bank failed to comply with section 42 of the FICA by failing to implement its Risk Management and Compliance Programme . This was in direct relation to the assessed trade-based transactions in respect of a sample of clients assessed.
The HSBC failed to comply with certain provisions of the FICA and was given three warnings and a financial penalty totalling R9.5 million.The HSBC bank was found to have failed to comply with its customer due diligence obligations, the central bank said.“The non-compliance inter alia included deficiencies in the identification and verification of the beneficial owners of clients,” SARB said.
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