Thursday, December 8, 2022

South African Reserve Bank sanctions Deutsche Bank over money laundering control


The South African Reserve Bank (Sarb) has on Thursday imposed administrative sanctions on Deutsche Bank AG in Johannesburg.

The Sarb said it found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence Centre Act.

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The administrative sanctions total a financial penalty of R28 million, excluding an amount of R10 million, which is suspended for three years.

The FIC Act mandates the prudential authority within the Reserve Bank to supervise and enforce compliance.

The Reserve Bank said the administrative sanctions were imposed because of weaknesses identified in Deutsche Bank’s compliance with the provisions of the FIC Act.

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It said this was not because the bank was found to have facilitated transactions involving money laundering or the financing of terrorism.


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