(Reuters) – South Africa’s central bank on Friday fined HSBC’s (L:HSBA) local business 15 million rand (844,927 pounds) for weaknesses in its processes meant to detect money laundering and terrorism financing, and ordered the bank to fix the problems.
The Prudential (LON:PRU) Authority (PA), which sits within the South African Reserve Bank (SARB) and monitors the country’s lenders, said HSBC’s South African branch had already taken the measures required to address the issues.
“Certain weaknesses were identified in HSBC’s processes which inhibited HSBC from proactively detecting potential money laundering and the financing of terrorism,” the PA said in a statement.
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