South Africa’s central bank has sanctioned Durban-headquartered HBZ Bank, with roots in Pakistan, for violating the country’s Money Laundering and Terrorist Financing Control Regulations.
The South African Reserve Bank (SARB) counseled HBZ no longer to repeat the behavior which led to the non-compliance with “suspicious and unusual transaction” reporting necessities of the Money Laundering and Terrorist Financing Control Regulations and for the failure to comply with education requirements of the FIC Act.
HBZ escaped any monetary penalties. It used to be one of the 4 smaller banks collectively with one of the large four banks — Standard Bank — which have come underneath the SARB scanner. two two