{"id":9168,"date":"2025-05-09T13:25:50","date_gmt":"2025-05-09T11:25:50","guid":{"rendered":"https:\/\/datanamixdev.wpengine.com\/media\/?p=9168"},"modified":"2025-05-09T13:27:57","modified_gmt":"2025-05-09T11:27:57","slug":"big-four-bank-hit-with-major-fine-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.datanamix.com\/media\/2025\/05\/09\/big-four-bank-hit-with-major-fine-in-south-africa\/","title":{"rendered":"Big Four bank hit with major fine in South Africa"},"content":{"rendered":"\n<p>Absa has been hit with administrative sanctions totaling R10 million by the Prudential Authority (PA) for failing to comply with the Financial Intelligence Centre Act (FICA).<\/p>\n\n\n\n<p><br>The PA, operating under the Reserve Bank, imposed these penalties following a 2022 inspection that revealed specific FICA violations.<\/p>\n\n\n\n<p><br>The sanctions include two formal cautions against repeating the offending behavior, a public reprimand, and a financial penalty amounting to R10 million.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/businesstech.co.za\/news\/banking\/822384\/big-four-bank-hit-with-major-fine-in-south-africa\/\" style=\"border-radius:0px;background-color:#073756\" target=\"_blank\" rel=\"noreferrer noopener\">Read More<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Absa has been hit with administrative sanctions totaling R10 million by the Prudential Authority (PA) for failing to comply with the Financial Intelligence Centre Act (FICA). The PA, operating under the Reserve Bank, imposed these penalties following a 2022 inspection that revealed specific FICA violations. The sanctions include two formal cautions against repeating the offending [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":9169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[138],"tags":[354,161,101,247],"class_list":["post-9168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-watch","tag-big-four-bank-hit-with-major-fine-in-south-africa","tag-fic","tag-fica","tag-financial-action-task-force"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Big Four bank hit with major fine in South Africa - Datanamix - News and Blog Media<\/title>\n<meta name=\"description\" content=\"Absa has received administrative sanctions from the Prudential Authority (PA) totalling R10 million for breaking the Financial Intelligence Centre Act (FICA).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.datanamix.com\/media\/2025\/05\/09\/big-four-bank-hit-with-major-fine-in-south-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Four bank hit with major fine in South Africa\" \/>\n<meta property=\"og:description\" content=\"Absa has received administrative sanctions from the Prudential Authority (PA) totalling R10 million for breaking the Financial Intelligence Centre Act (FICA).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.datanamix.com\/media\/2025\/05\/09\/big-four-bank-hit-with-major-fine-in-south-africa\/\" \/>\n<meta property=\"og:site_name\" content=\"Datanamix - 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