💨 Abstract

The Prudential Authority fined Standard Bank R13 million for failing to adhere to several financial rules under the Financial Intelligence Centre Act, including not reporting over 17,000 suspicious transactions, delaying cash transaction reports, and not conducting regular checks on clients. The bank was issued six cautions and a financial penalty. They have promised to strengthen systems and controls to avoid future issues.

Courtesy: www.thesouthafrican.com

Summarized by Einstein Beta 🤖