SA Reserve Bank slaps Bidvest Bank with R5m penalty for non-compliance
The administrative sanction imposed on Bidvest includes a condition that it doesn’t repeat the conduct that led to its non-compliance.
JOHANNESBURG - The South African Reserve Bank (SARB) has given the Bidvest Bank a R5 million penalty for non-compliance with the Financial Intelligence Centre Act.
This follows a probe by the central bank’s Prudential Authority in 2022, which found the bank failed to implement its risk management and compliance programme related to trade-based transactions for some clients.
The administrative sanction imposed on Bidvest includes a condition that it doesn’t repeat the conduct that led to its non-compliance.
Additionally, R2.5 million of the penalty is conditionally suspended for 12 months from August this year.
A week ago, the SARB also sanctioned life assurer Old Mutual over its non-compliance with the provisions of the Financial Intelligence Centre Act.