trending Market Intelligence /marketintelligence/en/news-insights/trending/KkzRiRgcAgz01IrCTkj8uw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

South Africa fines 5 lenders over weaknesses in anti-money laundering controls

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments

South Africa fines 5 lenders over weaknesses in anti-money laundering controls

The South African central bank fined five local lenders — Standard Bank Group Ltd. unit Standard Bank of South Africa Ltd., Grobank Ltd., Ubank Ltd., Bank of China Ltd. Johannesburg Branch and HBZ Bank Ltd. — a combined total of roughly 37.5 million rand after identifying shortcomings in the banks' controls against money laundering.

Of the total penalties, 30 million rand was imposed on Standard Bank of South Africa, which was also ordered to take corrective actions for failing to comply with regulatory requirements for the reporting of suspicious and unusual transactions. The lender noted that it has taken immediate action to address the identified issues and is tracking and reporting the progress to the central bank on a regular basis.

GroBank, formerly known as South African Bank of Athens Ltd., Bank of China - Johannesburg Branch and Ubank were fined 5 million rand, 2 million rand and 500,000 rand, respectively, for failure to comply reporting requirements regarding cash thresholds. The central bank warned HBZ Bank not to repeat its noncompliance for the reporting of suspicious and unusual transactions.

The regulator noted that the fines on Standard Bank of South Africa, GroBank and Bank of China - Johannesburg Branch have been suspended for three years from Sept. 25, Aug. 13, and Aug. 21, respectively, subject to the lenders meeting certain conditions imposed by the central bank.

The central bank added that none of the banks were found to have facilitated transactions involving money laundering or terrorism financing.