November 9, 2018 / 3:32 PM / 7 days ago

South African regulator imposes administrative sanctions on HSBC Johannesburg branch

Nov 9 (Reuters) - South African Reserve Bank’s Prudential Authority said it had imposed administrative sanctions on HSBC’s Johannesburg branch for non-compliance and fined the branch 15 million rand ($1.05 million).

The administrative sanctions were imposed because of weaknesses in HSBC’s processes which stopped it from proactively detecting potential money laundering, the Prudential Authority said in a statement. ($1 = 14.2908 rand) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

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