February 20, 2015 / 8:26 AM / 5 years ago

South Africa fines Deutsche Bank for lax anti-money laundering rules

JOHANNESBURG (Reuters) - South Africa has fined German’s Deutsche Bank 10 million rand ($857,743) for not having appropriate anti-money laundering measures, the central bank said on Friday.

The central bank also said in a statement that it fined a local bank Capitec Bank 5 million rand for failing to comply with security laws.

Under the law, banks are required to have verifiable customer identity details and to also report cash transactions above 25,000 rand to the Financial Intelligence Centre, which fights the funding of terrorism.

Deutsche confirmed in a statement that it did not fully comply with law.

Capitec - which failed to report cash transactions above 25,000 rand - said that it did not comply with the cash threshold outlined by the law.

Its chief executive Gerrie Fourie admitted in a statement that it was an error in reporting and that Capitec fully understood the need for the Reserve Bank ruling.

Reporting by Tiisetso Motsoeneng; Editing by James Macharia

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