Reserve Bank fines American Express and others for Fica sins
American Express and Forex World are among five companies that have been fined after the Reserve Bank imposed administrative sanctions on authorised dealers in foreign exchange. The administrative sanctions were imposed after the Bank conducted inspections at the five companies in terms of the Financial Intelligence Centre Act (Fica). The Bank said inspections found weaknesses in the companies’ control measures to fight money laundering and the financing of terrorism. The following sanctions were imposed on the companies: Tourvest Financial Services, trading as American Express Foreign Exchange Services • A directive that it implement adequate processes and working methods in relation to the sanction screening of clients to ensure that it complies with its reporting duties‚ in terms of section 28A of Fica. • A financial penalty of R750‚000 for failing to report cash transactions above R24‚999.99 to the Financial Intelligence Centre‚ in terms of section 28 of Fica. An amount of R250‚...
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