💨 Abstract
Standard Bank of South Africa was fined R13 million by the Prudential Authority for administrative failures, such as not dealing with system-generated alerts within the required time and failing to submit regulatory reports on time in 2019. The bank stresses that these sanctions do not imply any criminal activity, like money laundering or terrorist financing, as the issues were primarily administrative in nature. The bank has since taken remedial action and complied with all regulatory requirements.
Courtesy: www.thesouthafrican.com
Summarized by Einstein Beta 🤖
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