Prudential Authority slaps Nedbank with R35m fine
Nedbank failed to comply with certain provisions the Financial Intelligence Centre Act
13 August 2022 - 10:33
The Prudential Authority (PA), a division of the Reserve Bank that regulates financial services firms, has imposed administrative sanctions on Nedbank for failing to comply with certain provisions of the Financial Intelligence Centre Act (FICA).
The authority also instructed Nedbank to take remedial action following an inspection conducted in 2019 in terms of the Act. The PA said in a statement late on Friday that Nedbank had committed a string of administrative lapses in contravention of FICA, prompting it to impose a total financial penalty of R35m, of which R15m has been conditionally suspended...
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