South Africa’s central bank has sanctioned Durban-headquartered HBZ Bank, with roots in Pakistan, for violating the country’s Money Laundering and Terrorist Financing Control Regulations.
The South African Reserve Bank (SARB) cautioned HBZ not to repeat the conduct which led to the non-compliance with “suspicious and unusual transaction” reporting requirements of the Money Laundering and Terrorist Financing Control Regulations and for the failure to comply with training requirements of the FIC Act.
HBZ escaped any financial penalties. It was one of the four smaller banks together with one of the big four banks — Standard Bank — which have come under the SARB scanner.