South African Reserve Bank fined China Construction Bank for violation of procedures

Beijing. February 6. Silkroadnews - South African Reserve Bank fined China Construction Bank for violation of procedures, “Business Live” reported.
“The Johannesburg office of China Construction Bank (CCB) has been fined R75m by the South African Reserve Bank for failing to follow proper administrative procedures,” the report said.
At the same time, it is noted that out of R75m the payment of R20m had been suspended, provided that the CCB complies with the requirements of the Reserve Bank.
“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 Reserve Bank said in a statement.
The Reserve Bank named five articles of the Financial Intelligence Centre (FIC) Act violated by the CCB. Among them failure to keep proper clients’ records, inappropriate accounting and flagging of unusual transactions that may indicate terrorist actions.
“CCB is co-operating with the [the Reserve Bank] and has taken measures to address the identified compliance deficiencies and control weaknesses,” the statement said.
CCB was the world’s second largest bank by market capitalization and the sixth largest company in the world in 2015.