South Africa fines Deutsche Bank $857,000 for rules breaches

Deutsche Bank AG was fined 10 million rand ($857,000) by South Africa’s banking regulator for failure to comply with rules covering the detection of property linked to terrorism and other crimes.

The central bank, which also acts as the country’s bank supervisor, cited “deficiencies” in how Frankfurt-based Deutsche Bank identified and verified customer details, according to a statement on the South African Reserve Bank’s website on Friday.

Capitec Bank Holdings Ltd., based in Stellenbosch near Cape Town, was fined 5 million rand for not reporting cash transactions above 24,999 rand, in keeping with the country’s Financial Intelligence Center Act, known as FICA, the central bank said.

Read more: Deutsche Bank Fined $857,000 in South Africa for Rules Breaches – Bloomberg Business.

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