SARB fines HSBC $1m for lax money laundering

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SARB fines HSBC $1m for lax money laundering

SARB fines HSBC $1m for lax money laundering

  • The South African Reserve Bank (SARB) is the central bank of South Africa established in 1921
  • HSBC is a British multinational banking and financial services holding company and is the 7ᵗʰ largest bank in the world
  • The South African Reserve Bank (SARB) imposed the fine of $1m on HSBC suspended in terms of section 45C(4)(c) of the Financial Intelligence Centre Act 38 of 2001 (FIC Act) for a period of three years
  • The weaknesses were identified in HSBC’s processes, and which inhibited the bank from proactively detecting issues
  • A number of online accounts were accessed by unauthorized users between 4 October 2018 and 14 October 2018