Financial authority fines Absa for not submitting report
The bank was fined for failing to provide details on the robustness of systems for over-the-counter derivatives trading
19 May 2021 - 12:19
UPDATED 19 May 2021 - 17:46
In what may be construed as an embarrassing bungle for Absa, the banking group’s corporate and investment (CIB) bank was publicly fined by the Financial Sector Conduct Authority (FSCA) for being late submitting a report.
As per the FSCA’s announcement on Wednesday, the bank is fined R100,000 for failing to submit a report from its independent auditors regarding the robustness of its system after it was granted a licence to operate as an over-the-counter derivatives provider in September 2020...
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