South Africa fines Chinese bank $6 mln under anti-money laundering act

Feb 05, 2018

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 on Friday.

“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.

($1 = 12.0685 rand)

Reporting by Joe Brock; Editing by James Macharia (Reuters)

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