File photo: Ralph Orlowski/Reuters. File photo: Ralph Orlowski/Reuters.
Johannesburg - South Africa has fined German's Deutsche Bank R10 million for not having appropriate anti-money laundering measures, the central bank said on Friday.
The central bank also said in a statement that it fined a local bank Capitec Bank R5 million for failing to comply with security laws.
Under the law, banks are required to have verifiable customer identity details and to also report cash transactions above R25 000 to the Financial Intelligence Centre, which fights the funding of terrorism.
Deutsche confirmed in a statement that it did not fully comply with law.
No one at Capitec - which failed to report cash transactions above R25 000 rand - was immediately available to comment.
Reuters