Nedbank failed to comply with certain provisions the Financial Intelligence Centre Act
The Prudential Authority , a division of the Reserve Bank that regulates financial services firms, has imposed administrative sanctions on Nedbank for failing to comply with certain provisions the Financial Intelligence Centre Act .
The authority also instructed Nedbank to take remedial action following an inspection conducted in 2019 in terms of the Act. The PA said in a statement late on Friday that Nedbank had committed a string of administrative lapses in contravention of FICA, prompting it to impose a total financial penalty of R35m, of which R15m has been conditionally suspended...
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