S.Africa fines Deutsche Bank for lax anti-money laundering rules

by Reuters 0

This is according to the central bank.

It also said in a statement that it fined local bank [DATA CPI:Capitec Bank] five million rand for failing to comply with security laws.

Under the law, banks are required to have verifiable customer identity details and to also report cash transactions above 25,000 rand to the Financial Intelligence Centre, which fights the funding of terrorism.

Deutsche confirmed in a statement that it did not fully comply with law.

No one at Capitec – which failed to report cash transactions above 25,000 rand – was immediately available to comment.