Standard Bank South Africa resolves regulatory sanction by the SARB Prudential Authority
Standard Bank South Africa (SBSA) can confirm that an administrative sanction of R13 million has been levied against the bank by the Prudential Authority after an inspection conducted by the authority in 2022.
Standard Bank fully cooperated with the inspection by the SARB and took immediate remedial action to ensure that it meets all the regulatory requirements set down by the Prudential Authority. The bulk of the findings in respect of which the financial penalty was imposed, relate to the monitoring of system-generated alerts in 2019, and the submission of regulatory reports within the required deadlines. SBSA has fully remediated the concerns through a comprehensive remediation programme.
It is important to note that these administrative sanctions in no way imply that Standard Bank has been found guilty of facilitating transactions for the purpose of money laundering or terrorist financing.
The bank is committed to transparency in its operations and regularly reports to regulatory authorities. This includes submitting Suspicious Transaction Reports (STRs) and other required disclosures to the Financial Intelligence Centre (FIC) and the Prudential Authority.
Standard Bank South Africa remains committed to maintaining robust anti-money laundering and counter-terrorist financing controls that protect the integrity of South Africa's financial system.