• Published on 2 February 2018
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South Africa fines Chinese bank $6 million under anti-money laundering act

South Africa’s central bank has fined China Construction Bank (CCB) 75 million rand ($6 million) for non-compliance with the country’s financial intelligence act, it said.

“It should be noted that the administrative sanctions were not imposed because CCB was found to have facilitated transactions involving money laundering or the financing of terrorism but because of weaknesses in the bank’s control measures,” the central bank said in a statement.

The regulator said 20 million rand of the fine would be suspended pending the Chinese Construction Bank’s compliance with conditions imposed.

Re-disseminated by The Asian Banker from Reuters