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FirstRand first of the 'big four' to explain Gupta break-up

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Minister of Finance Pravin Gordhan (Netwerk24)
Minister of Finance Pravin Gordhan (Netwerk24)

Cape Town – FirstRand was the first of South Africa’s four big banks to disclose that they severed ties with the controversial Gupta family because of suspicions of money laundering activities. 

The Sunday Times reported that Johan Burger, FirstRand CEO, filed an affidavit to the High Court in which he said the bank was obliged to comply with best practices and standards as expected by the Reserve Bank, which require it to take steps to prevent involvement in money laundering and other lawful activities. 

Although Burger did not mention specific transactions, he said FirstRand had terminated its business relations with the Guptas due to “associated reputational and business risk”, the Sunday Times quoted him as saying. 

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