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# SARB Prudential Authority Fines Bidvest Bank R5 Million for Failure to Implement FICA Compliance Programme
- URL: https://www.theglobalbanker.com/sarb-prudential-authority-fines-bidvest-bank-r5-million-fica-compliance-programme/
- Published: 2024-10-04T09:46:00.000Z
- Updated: 2026-11-10T13:52:47.000Z
- Description: South Africa's Prudential Authority has sanctioned Bidvest Bank with a R5 million fine and a caution for failing to implement its Risk Management and Compliance Programme under the FIC Act.
- Author: TGB Editorial Team
- Tags: Regulations, Africa, #archive

The Prudential Authority of the South African Reserve Bank announced on 4 October 2024 administrative sanctions on Bidvest Bank Limited, finding that the bank had failed to comply with Section 42 of the Financial Intelligence Centre Act 38 of 2001 by failing to implement its Risk Management and Compliance Programme in respect of trade-based transactions. The sanctions consist of a caution and a financial penalty of R5 million, of which R2.5 million is conditionally suspended for 12 months from 23 August 2024.

The PA's action followed an inspection of Bidvest Bank conducted in 2022 under Section 45B of the FIC Act. The PA announced sanctions against HSBC Bank Plc's Johannesburg Branch on the same day.

#### THE RMCP FINDING

Section 42 of the FIC Act requires accountable institutions to adopt a Risk Management and Compliance Programme that sets out how the institution will identify, assess, monitor, and manage the risks associated with money laundering and the financing of terrorism. Bidvest Bank had an RMCP in place, but the PA determined that the bank had not operationalised it adequately.

#### BACKGROUND

The Financial Action Task Force grey-listed South Africa in February 2023, a designation that identified deficiencies in the country's AML and counter-terrorism financing frameworks.

Bidvest Bank operates a business spanning commercial banking, fleet management financial services, and foreign exchange. As a deposit-taking institution regulated by the PA, it is subject to the full scope of FIC Act obligations.