The South African Reserve Bank (SARB) has imposed administrative sanctions on Nedbank for failing to comply with some administrative requirements of the Financial Intelligence Centre Act (FICA).
The bank imposed financial penalty of R35-million, of which R15-million has been conditionally suspended.
In a statement the Reserve Bank says it is important to highlight that there was no evidence of Nedbank being involved in or facilitating transactions involving money laundering or the financing of terrorism.
The Reserve bank says compliance failures include applying enhanced due diligence controls, risk-rating of clients and failure to report cash transactions that exceeded the threshold of R25 000.
The Reserve bank says Nedbank is cooperating with the bank’s Prudential Authority and continues to undertake the necessary remedial actions to address the identified compliance deficiencies and control weaknesses.
In a related video Nedbank reports a 27% increase in headline earnings