South African Reserve Bank imposes sanctions on Nedbank

The eNCA reports that South African Reserve Bank has imposed administrative sanctions on Nedbank for failing to comply with some of the requirements of the FICA Act.

The admninistrative sanctions imposed include a financial penalty of R35 million of which R15 million has been conditionally suspesnded.

Nedbank failed to comply to a number of requirements including failing to report a significant number of cash transactions that exceeded the threshhold of R25 000.

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