Absa falls foul of Financial Intelligence Centre rules
Bank been fined R10m for lack of due diligence on politically exposed individuals
25 April 2025 - 19:11
The Prudential Authority (PA) has clamped down on Absa after the lender failed to undertake due diligence of some of its politically exposed clients linked to state-owned enterprises, among other infractions.
The regulator fined the bank R10m for falling foul of the provisions of the Financial Intelligence Centre (FIC)...
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