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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...

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