trending Market Intelligence /marketintelligence/en/news-insights/trending/nvxzvqbycuokxbhwvkevxa2 content esgSubNav
In This List

South Africa central bank fines China Construction Bank 75M rand

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


South Africa central bank fines China Construction Bank 75M rand

South Africa's central bank has imposed a 75 million South African rand penalty on China Construction Bank Corp.'s Johannesburg branch after finding weaknesses in its anti-money laundering measures.

In a Feb. 2 statement, the South African Reserve Bank also directed China Construction Bank to take remedial action relating to its know-your-customer measures, record-keeping requirements, measures to detect and report terrorist and related activity and reporting requirements relating to suspicious and unusual transactions.

Further, subject to the Chinese bank adhering to certain conditions imposed by the South African regulator, 20 million rand of the penalty is suspended for a period of three years from Nov. 28, 2017.

As of Feb. 2, US$1 was equivalent to 12.04 South African rand.