The South African Reserve Bank (SARB) has taken action against Bidvest Bank Limited due to non-compliance with the Financial Intelligence Centre Act 38 of 2001. This decision follows an inspection carried out in 2022.
The SARB's move involves administrative sanctions aimed at addressing the identified issues related to the FIC Act. The specifics of these sanctions have not been detailed in the announcement.
Bidvest Bank, a prominent financial institution, is expected to take corrective measures in response to these findings. The SARB continues its efforts to ensure compliance within the banking sector, reinforcing the importance of adhering to established financial regulations.