Friday, 02 February 2018
The South African Reserve Bank (SARB) has imposed administrative sanctions on China Construction Bank Corporation – Johannesburg Branch (CCB) for non-compliance with the Financial Intelligence Centre Act 38 of 2001, as amended (FIC Act) and has directed CCB to take remedial action. This was after the SARB conducted an inspection in terms of the FIC Act and found weaknesses in CCB’s anti-money laundering and combating the financing of terrorism control measures. A financial penalty of R75 million and a directive to take remedial action.
