Sanlam and Fedgroup Life fined for poor money laundering and terrorism controls
19 September 2021 - 16:08
The Reserve Bank has imposed administrative sanctions on insurers Sanlam Life and Fedgroup Life for weaknesses in their anti-money laundering and terrorist financing control measures.
The sanctions were imposed because of weaknesses identified with regards to the insurers’ compliance with provisions of the Financial Intelligence Centre Act, the Bank said in a statement on Friday. The insurers were not found to have facilitated transactions involving money laundering or the financing of terrorism...
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