Ombudsman fines top four banks R125m

Johannesburg - The Reserve Bank said on Wednesday it has fined the country's top four banks a total R125m over lax anti-money laundering controls.

The bank said in a statement it had fined the South African unit of Barclays Africa Group [JSE:BGA] R10m, FirstRand [JSE:FSR] R30m, Nedbank [JSE:NED] R25m and market leader Standard Bank [JSE:SBK] R60m.

"The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism," the Reserve Bank said.







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