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.
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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