Expect FICA stiff to get tought - SARB fines big four banks

[supersunbird]

Expect FICA stuff to get tough - SARB fines big four banks

http://www.moneyweb.co.za/moneyweb-financial/sarb-fines-top-four-banks-over-antimoney-launderin

South Africa's Reserve Bank said on Wednesday it had fined the country's top four banks a total of R125 million ($12 million) over lax anti-money laundering controls.

The central bank said in a statement it had fined the South African unit of Barclays Africa Group R10 million, FirstRand R30 million, Nedbank R25 million and market leader Standard Bank R60 million.

Ouch, that's a lot of money in fines. Just wondering how this happens because for example Standard Bank just 2 years back locked families accounts for FICA reasons out of the blue, even if they were already properly FICA'd.

 

[grok]

I basically told Standard Bank to f-off when they told me I must re-FICA my accounts despite already having done so, something about the original docs now being kept at branch level instead of centrally. In fact told my manager please lock my account, that'll be exactly the catalyst I need to move my accounts to a different bank.

 

[ToxicBunny]

So basically the banks are just going to ask for these damn documents more often and piss us off even more.... Yay

 

[reactor_sa]

****, was wondering what that internal coms was about this morning... I guess I better fica up before I get locked out

 

[Fudzy]

It would be interesting if the findings of the security audits were around FICA or issues further up the chain.

 

[The_Unbeliever]

Somebody trying to make an impression before election time?

Naaaaah... can't be...

 

[HavocXphere]

lol - my condolences to all Standard Bank customers....judging by friends and family they seem to FICA everyone 3-4 times minimum and that was pre-fines.