The South African Reserve Bank (SARB) has imposed administrative sanctions on Deutsche Bank in Johannesburg.
The bank found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence Centre Act, according to financial Crime News. The administrative sanctions total a financial penalty of USD 1.90 million, excluding an amount of USD 681K, which is suspended for three years.
The FIC Act mandates the prudential authority within the Reserve Bank to supervise and enforce compliance. The Reserve Bank said the administrative sanctions were imposed because of weaknesses identified in Deutsche Bank’s compliance with the provisions of the FIC Act, and not because the bank was found to have facilitated transactions involving money laundering or the financing of terrorism, the online publication adds.
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