Anti-Financial Crime & Financial Crime Compliance
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Compliance, Regulatory

NEWS: South African Reserve Bank hits Nedbank with R35M (€20.9M) fine

By Elizabeth Hearst for AMLi

The South African Reserve Bank (SARB) has imposed a R35M (€20.9M) fine on Nedbank Limited for failing to comply with provisions of the Financial Intelligence Centre Act (FICA). 

In a statement, the SARB said it had directed Nedbank to take “remedial action” following an inspection in 2019. 

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