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S.Africa’s central bank imposes sanctions on Deutsche Bank’s local branch

PUBLISHED: Thu, 01 Apr 2021 16:09:58 GMT

JOHANNESBURG, April 1 (Reuters) – South Africa’s Reserve Bank (SARB) said on Thursday it had imposed administrative sanctions on Deutsche Bank’s Johannesburg arm after finding weaknesses in its money laundering control measures.

The country’s central bank said it had found the weaknesses in Deutsche’s branch following an inspection conducted in 2019.

A penalty of 28 million rand ($1.91 million) has been imposed on Deutsche Bank, SARB said.

It imposed another sanction for a similar reason on life insurer Discovery Life Limited with a penalty of 500,000 rand. ($1 = 14.6316 rand) (Reporting by Tanisha Heiberg)

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