Prudential Authority fines Absa R10m for tardy compliance

Prudential Authority fines Absa R10m for tardy compliance

The regulator, which is part of the SA Reserve Bank, has slapped Absa with two separate financial penalties totalling R10 million, as well as two cautions not to repeat the conduct that led to its noncompliance.

Regulators hammer Absa with multimillion-rand penalty

Absa has been slapped with heavy penalties after the South African Reserve Bank’s Prudential Authority uncovered serious failures to comply with anti-money laundering regulations. In a media statement dropped late on Friday, the PA revealed that South Africa’s third-largest lender by assets had been sanctioned for breaching critical parts of the Financial Intelligence Centre (FIC) Act following a 2022 inspection. According to the regulator, Absa…

Prudential Authority Imposes Administrative Sanctions On Absa Bank Limited - The Bulrushes

Johannesburg – The Prudential Authority (PA) has imposed administrative sanctions on Absa Bank Limited (Absa) as a result of its non-compliance with certain provisions of the FIC Act. The move follows an inspection conducted on Absa in terms of section 45B of the FIC Act in 2022. The PA is mandated to supervise and enforce compliance by accountable institutions with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act) or …

Absa fined millions for lack of verification on politically exposed persons

The Reserve Bank’s Prudential Authority has slapped Absa Bank with a R10-million administrative sanction for various transgressions. “The administrative sanctions imposed on Absa are due to the failure to comply with certain provisions of the FIC Act and consist of two cautions not to repeat the conduct which led to the non-compliance, a reprimand and a financial penalty totalling R10-million,” said the agency. First fine is R7m The agency expla…