The Prudential Authority (PA) has imposed a reduced penalty of R400,000 on the local unit of India’s Bank of Baroda for non-compliance with certain provisions of the Financial Intelligence Centre Act (FIC).

The PA, which supervises and enforces the FIC Act, said on Tuesday that the penalty follows an on-site inspection in 2014 that found deficiencies relating to compliance, as well as weaknesses in controls to counter potential money-laundering and terrorist financing...

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