The South Africa Reserve Bank, the country's central bank, has imposed administrative sanctions upon HSBC Bank Plc Johannesburg Branch, for noncompliance with AML/CFT laws and regulations. The bank was directed to take certain remedial actions, and to pay a financial penalty of R15m (USD$1m), of which one half was suspended for a period of three years, during which time HSBC must comply with certain conditions not specified in the Order.
Readers who wish to review the document may access the complete text here. The issuing entity is the Prudential Authority, which is part of the SARB.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant