Standard Bank slapped with R17m in penalties over compliance failures

详细摘要

R5m of which has been conditionally suspended for 36 months.

The Prudential Authority (PA) has slapped Standard Bank with R17 million in financial penalties after an inspection uncovered several compliance failures, including inadequate customer checks, missing client records, and gaps in anti-money laundering training.

However, R5 million has been suspended, leaving the lender with penalties worth R12 million.

The PA is a regulatory body within the administration of the South African Reserve Bank (Sarb) responsible for promoting the safety and soundness of financial institutions.

The organisation is mandated to supervise and enforce compliance by accountable institutions with the provisions of the Financial Intelligence Centre Act 38 of 2001 (Fica), and with any order, determination or directive made in terms thereof.

The PA on Friday evening said it had imposed administrative sanctions on Standard Bank for its non-compliance with certain provisions of Fica, following an inspection conducted on Standard Bank of South Africa (SBSA) in 2023 in terms of Section 45B of the act.

“The administrative sanctions imposed on Standard Bank comprise three cautions not to repeat the conduct that led to the non-compliance, three reprimands and a financial penalty totalling R17 million, of which R5 million is conditionally suspended for a period of 36 months as from 19 May 2026,” said the PA.

The lender was found guilty of failing to comply with Sections 21(1) and 21A, read with Section 42 and its Risk Management and Compliance Programme.

“The PA imposed a caution not to repeat the conduct that led to the non-compliance, a reprimand and a financial penalty of R7 million, of which R2 million is conditionally suspended for a period of 36 months.”

The PA fined Standard Bank R5 million for failing to keep records of proof of address and/or work permits for 52% of the sampled MVTS client files.

文章开头，摘自Moneyweb。如需阅读全文，请前往媒体网站。