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SARB fined banks R46.5m in 2016 for control weaknesses - report

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Johannesburg – The South African Reserve Bank (SARB) fined banks a total of R46.5m in 2016 due to weaknesses in their control measures.

This is according to the Bank Supervision Department (BSD) Annual Report for 2016, which was released on Friday.

The penalties were part of administrative sanctions enforced by the Reserve Bank. In addition to the penalty, banks were directed to take remedial action to address their shortcomings.

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