Sarb fines two major commercial banks for AML breaches
“Administrative sanctions” placed on Societe Generale Johannesburg branch and Absa Bank
The South African Reserve Bank (Sarb) has fined two large commercial banks after the regulator found "weaknesses" in their anti-money laundering and combatting the financing of terrorism (AML/CFT) control measures.
Societe Generale's Johannesburg branch has been fined 2 million rand ($142,000) and told to take action to improve its identification of customers. Absa Bank was fined 10 million rand.
However, Societe Generale's fine has been "suspended" for a period of two years from October 27
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