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20 December 2019
The South African Reserve Bank (SARB) has imposed an administrative sanction on The Standard Bank of South Africa Limited (SBSA). The sanction relates to SBSA’s reporting of suspicious and unusual transactions outside of the prescribed reporting period contained in the regulations promulgated in terms of the Financial Intelligence Centre Act, Act No. 38 of 2001 (FIC Act).
The SARB supervises and enforces compliance in accordance with the FIC Act, to ensure that the necessary anti-money laundering and combating the financing of terrorism (AML/CFT) controls are in place. In discharging these responsibilities, SARB conducted an AML/CFT inspection of SBSA during 2018 that resulted in the imposition of this administrative sanction.
SBSA has taken immediate action to address the issues identified by the SARB and progress is tracked and reported to the SARB on a regular basis. SBSA is committed to complying with all its regulatory requirements as prescribed by the relevant authorities.
As acknowledged in the SARB’s press release, the administrative sanction is not an indication that SBSA has facilitated transactions involving money laundering or the financing of terrorism.
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