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R30m fine: Sarb nails 5 banks after money-laundering probe

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Cape Town - The sanctions imposed on five banks over anti-money laundering measures demonstrate that the country's banking system can't be abused for criminal elements, said the SA Reserve Bank (Sarb).

GBS Mutual Bank, Habib Overseas Bank Limited, Investec Bank, The South African Bank of Athens Limited, and the Johannesburg branch of Standard Chartered Bank were slammed with administrative sanctions, including financial fines.

 Read: Sarb fines 5 SA banks a whopping R30m

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