SARB impose administrative sanctions on five banks

South African Reserve Bank

The South African Reserve Bank has imposed administrative sanctions on five banks. The banks include Standard Bank, GroBank, Ubank, Bank of China in Johannesburg and HBZ Bank. After conducting a routine inspection, the Reserve Bank found flaws in money-laundering measures at these banks.

South African Reserve Bank

Only HBZ was not fined but was cautioned not to repeat the non-compliance. The other four banks were fined between R500,000 and R30-million. Standard Bank says it will comply with the requirement and has taken action following the imposing of sanctions.

In other news – DJ Zinhle gets her own cake at Shoprite

DJ Zinhle is having her cake and eating it! And we can all do the same because it’s on sale at Shoprite stores!

DJ Zinhle

If you didn’t know, Zinhle’s smash hit song Umlilo is a whole mood and is officially the anthem for Dezemba. The DJ took to social media to share a screenshot of a fan who was ready to purchase the festive cake with the words ‘Wavuth Umlilo’ iced onto it. Read more

Source: eNCA


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