Johannesburg - The Reserve Bank said on Wednesday it has fined the country's top four banks a total R125m over lax anti-money laundering controls.
The bank said in a statement it had fined the South African unit of Barclays Africa Group [JSE:BGA] R10m, FirstRand [JSE:FSR] R30m, Nedbank [JSE:NED] R25m and market leader Standard Bank [JSE:SBK] R60m.
"The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism," the Reserve Bank said.
The bank said in a statement it had fined the South African unit of Barclays Africa Group [JSE:BGA] R10m, FirstRand [JSE:FSR] R30m, Nedbank [JSE:NED] R25m and market leader Standard Bank [JSE:SBK] R60m.
"The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism," the Reserve Bank said.