Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

South Africa Fines Deutsche Bank $857,000 for Lax AML Controls

Jaclyn Jaeger | February 23, 2015

South Africa’s banking regulator last week fined Deutsche Bank $857,000 for failing to implement appropriate anti-money laundering controls, the regulator said in a statement.

The South African Reserve Bank (SARB) inspected German bank’s Johannesburg branch in February 2014 “as part of its routine supervisory processes” to assess whether Deutsche Bank had appropriate anti-money laundering and combating the financing of terrorism (AML/CFT) controls in place to ensure compliance with the relevant provisions of Financial Intelligence Centre Act.

That law mandates...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.