Contraventions include the failure to conduct due diligence and not timeously reporting several suspicious transactions.

The bank was accused of not reporting over 17 000 suspicious transactions to the revelant authorities, amongst other things.

However, it has been accepted that the banks are Nedbank and Standard Bank because they were named by the State Capture Commission reports for being involved in financial transactions at Acsa.

The Prudential Authority has fined Standard Bank R13 million for significant breaches of the Financial Intelligence Centre ...