South African regulator fines SBI's branch
The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.
Mumbai: The of the has imposed a of 10 million rand (₹4.5 crore) on the 's South Africa branch, the bank said in a notice to the exchange.The bank informed the that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the branch in South Africa has already paid. The remaining 4.50 million rand is for 36 months, contingent on within this period.
This penalty was imposed under Section 45C of the country's Financial Intelligence Centre Act 38 of 2001 (FIC Act) for with certain provisions of the or other related orders or directives.
The bank did not elaborate on the details of the compliance.
Source: Stocks-Markets-Economic Times
