The Reserve Bank of South Africa, the country's central bank, has levied major multi-million Rand fines upon four major financial institutions, for deficiencies, in Anti-money Laundering and Counter-terrorist financing. The banks are:
(1) First Rand Ltd. (FSR).
(2) Nedbank Group Ltd. (NED).
(3) Barclays Plc (BARC).
(4) Standard Bank Group Ltd. (SBK).
The deficiencies were in these areas:
(A) Verification of customer information.
(B) Maintenance of records.
(C) Managing and processing Suspicious Transactions.
If your bank clients are engaged in international trade into South Africa, and any of these banks are routinely involved, you should perform, at the every least, due diligence procedures upon all companies and entities in South Africa that they are doing business with, to rule out any potential money laundering or terrorist financing issues.