Prudential Authority acts against Absa Bank
The Reserve Bank’s Prudential Authority has imposed administrative sanctions on Absa Bank Limited.
The Bank's been fined ten-million-rand for failing to comply with sections of the Financial Intelligence Centre Act.
An inspection in 2022 found that Absa didn't properly check some high-risk clients, including politically exposed individuals.
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The bank also failed to deal with thousands of alerts about unusual transactions on time.
Absa was given two warnings and a reprimand.
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