Sarb reprimands HSBC for AML deficiencies
Central bank fines commercial lender over $1 million
The South African Reserve Bank’s Prudential Authority has imposed administrative sanctions and a fine of 15 million rand ($1.04 million) on HSBC after the commercial bank was found to have weaknesses relating to money-laundering processes.
“The administrative sanctions were imposed because certain weaknesses were identified in HSBC’s processes which inhibited HSBC from proactively detecting potential money laundering and the financing of terrorism,” the central bank said in a statement.
While
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