Reserve Bank fines HSBC for poor controls preventing money laundering, terrorism

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November 9 2018

The SA Reserve Bank’s Prudential Authority has disciplined HSBC Bank Johannesburg for weaknesses in its processes that prevent the bank from “proactively detecting potential money laundering and the financing of terrorism”.

The bank has been fined R15m and ordered to take remedial action, the Reserve Bank said.

In a statement, the SA Reserve Bank said it had imposed administrative sanctions on HSBC Bank Johannesburg Branch for non-compliance with aspects of the Financial Intelligence Centre Act 38 of 2001.