Deutsche Bank fined R10mm

Feb 22, 2015 12:00 AM

Deutsche Banks' Johannesburg branch has been fined R10 million by the SA Reserve Bank (SARB) for inadequate controls against money laundering and terrorism financing, City Press reported.

The fine did not mean the bank had facilitated these acts, but SARB inspectors had found weaknesses in the bank's adherence to legislation to deal with such crimes.

Problems were found with the identification and verification of customer details and the detection of assets of those possibly associated with terrorism.

Deutsche Bank spokeswoman Samantha Forbes said the bank acknowledged the "inconsistencies".

"In consultation with the SARB, it has co-operated fully in remediating the identified shortcomings within agreed time frames."

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« September 2019 »
September
MoTuWeThFrSaSu
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30

Register to announce Your Event

View All Events