FICA non-compliance costs bank R10 million
Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.
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Prudential Authority fines major bank R13m for FICA non-compliance
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
