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SARB fines Deutsche bank R10m

24 February 2015   (0 Comments)
Posted by: Author: SAPA
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Author: SAPA

Deutsche Banks' Johannesburg branch has been fined R10 million by the SA Reserve Bank (SARB) for inadequate controls against money laundering and terrorism financing, City Press reported on Sunday.

The fine did not mean the bank had facilitated these acts, but SARB inspectors had found weaknesses in the bank's adherence to legislation to deal with such crimes.

Problems were found with the identification and verification of customer details and the detection of assets of those possibly associated with terrorism.

Deutsche Bank spokeswoman Samantha Forbes said the bank acknowledged the "inconsistencies".

"In consultation with the SARB, it has co-operated fully in remediating the identified shortcomings within agreed time frames."

This article first appeared on


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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