
HSBC and Bidvest Bank fined millions for non-compliance
Source: Reuters. The South African Reserve Bank imposed sanctions on Bidvest Bank for failing to comply with the Financial Intelligence Centre Act following a 2022 inspection. The bank did not implement its risk-management and compliance programme (RMCP) for the assessed trade-based transactions. The Prudential Authority fined Bidvest Bank R5m for non-compliance, with R2.5m suspended for…