Reserve Bank's prudential authority fines Sasfin R500 000

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The prudential authority of the SA Reserve Bank has imposed a R500 000 fine on Sasfin Bank for not complying with certain provisions of the Financial Intelligence Act.

The authority regulates banks, insurers and cooperative financial institutions. 

"The administrative sanctions were imposed because certain weaknesses were identified in Sasfin Bank’s processes to comply with the provisions of the FIC Act," the central bank said in a statement. "It should be noted that the administrative sanctions were not imposed because Sasfin Bank was found to have facilitated transactions involving money laundering or the financing of terrorism."

The reserve bank did not provide further information. 

The FIC Act mandates the authority to enforce compliance with its provisions. This means the authority assesses institutions as to whether they have "adequate measures and controls in place" to effectively comply with the act. 

Sasfin Bank also needs to take remedial action for failure to provide certain employees with adequate training, as required by the FIC Act.

The financial penalty will be paid to the National Revenue Fund, in accordance with the act.

"Sasfin Bank is cooperating with the prudential authority and has taken the necessary measures to address the identified compliance deficiencies and control weaknesses," the SARB said.

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