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Prudential Authority imposes hefty sanctions on three major banks
The Star
|June 24, 2025
Decisive move underscores authority's commitment to enforcing compliance within the sector
THE Prudential Authority (PA) has unleashed a wave of administrative sanctions on three prominent international banks operating within South Africa following notable breaches of the Financial Intelligence Centre (FIC) Act.
This decisive move underscores the authority's commitment to enforcing compliance within the financial sector, as mandated by the South African Reserve Bank (Sarb).
In a recent statement, the PA said it imposed administrative sanctions on Citibank N.A. South Africa Branch (Citibank) as a result of its non-compliance with certain provisions of the FIC Act. This followed an inspection conducted on Citibank in 2022 in terms of section 45B of the FIC Act.
Dit verhaal komt uit de June 24, 2025-editie van The Star.
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