The Financial Intelligence Centre of South Africa announced the appointment of Director Xolisile Khanyile as one of two deputy vice-chairs to the Egmont Group of Financial Intelligence Units.
The Office of the Presidency of the Republic of South Africa outlined a virtual cabinet meeting on Aug. 5, 2020, where it approved setting up of a team of five ministers to examine all procurement related to the COVID-19 pandemic in light of reports of acts of corruption and theft.
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The South African Reserve Bank issued sanctions against Standard Bank South Africa Limited, GroBank Limited, Ubank Limited, Bank of China, Johannesburg Branch and HBZ Bank Limited for anti-money laundering deficiencies and violations of the Financial Intelligence Centre Act.
The South African Reserve Bank’s Prudential Authority imposed a 400,000 rand fine on Durban, South Africa-based bank for failing to comply with the Financial Intelligence Centre Act 38 of 2001, including failing to properly comply with the cash threshold reporting requirement.