The South African Reserve Bank (SARB) has imposed a R35 million administrative sanction on Nedbank Limited for failure to comply with certain administrative provisions of the Financial Intelligence Centre Act (FICA).
The SARB on Friday also directed the bank to take remedial action following an inspection conducted in 2019 in terms of FICA.
“The administrative sanctions imposed in terms of section 45C of the FIC Act include, inter alia, cautions, reprimands and a total financial penalty of R35 million, R15 million of which has been conditionally suspended.” Provide evidence that its controls and/or oversight measures were able to extract the correct data that would allow it to accurately risk-rate its clients.
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