#customerduediligence – Moonstone Information Refinery

Video interview: New mutual insurer enters the market

An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.

Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.

Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.

Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.

The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.

The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.

The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.

The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.

The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.

The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.

The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.

The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.