International

South Africa fines China Construction Bank $6 mln under anti-money laundering act

By Reuters Africa 4 Feb 2018 1 Min Read Save

Last updated: 4 Feb 2018, 13:37

The logo of China Construction Bank is seen at a branch office in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann

JOHANNESBURG – South Africa’s central bank has fined China Construction Bank (CCB) 75 million rand ($6 million) for non-compliance with the country’s financial intelligence act, it said on Friday.

“It should be noted that the administrative sanctions were not imposed because CCB was found to have facilitated transactions involving money laundering or the financing of terrorism but because of weaknesses in the bank’s control measures,” the central bank said in a statement.

The regulator said 20 million rand of the fine would be suspended pending the Chinese Construction Bank’s compliance with conditions imposed.

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