Bidvest Bank Faces Sanctions by the Reserve Bank for FIC Act Non-Compliance

The South African Reserve Bank (SARB) has sanctioned Bidvest Bank Limited for failing to comply with the Financial Intelligence Centre Act (FIC Act) following an inspection conducted in 2022.

The Prudential Authority (PA), responsible for enforcing compliance, found that Bidvest Bank did not implement its Risk Management and Compliance Programme (RMCP) effectively for trade-based transactions in a sample of clients.

The RMCP is compulsory for entities registered as accountable Institutions with the Financial Intelligence Centre.

The penalty includes a caution and a R5 million fine, with R2.5 million conditionally suspended for 12 months from 23 August 2024.

This serves as a reminder for accountants registered as Accountable Institutions with the FIC to implement their RMCPs to avoid similar regulatory action.

Read more in the Media Release of the SARB.