S. African central bank fines Deutsche Bank, Discovery Life for weak control measures over money laundering

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JOHANNESBURG, April 1 (Xinhua) — The South African Reserve Bank (SARB) has fined Deutsche Bank and Discovery Life for weaknesses in their money-laundering control measures, the SARB said on Thursday.

A penalty of 28 million rand (1.91 million U.S. dollars) and 1.5 million rand (102,500 U.S. dollars) has been imposed on Deutsche Bank and Discovery Life respectively, it said.

The SARB said the Deutsche Bank has failed to comply with the governance of anti-money laundering and countering the financing of terrorism.

“It should be noted that the administrative sanctions were imposed because of weaknesses identified in Deutsche Bank’s compliance with the provisions of the FIC Act (Financial Intelligence Centre Act), and not because the bank was found to have facilitated transactions involving money laundering or the financing of terrorism,” said the SARB in a statement.

Discovery Life failed to comply with cash threshold reporting requirements in terms of section 28 of the FIC Act, it added.

“Deutsche Bank and Discovery Life is cooperating with the SARB and has agreed to the necessary measures to address the identified compliance deficiencies and control weaknesses,” the SARB said. Enditem

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