Sasfin, a financial services group, has been fined nearly R210 million by the Prudential Authority, part of the South African Reserve Bank, due to historic non-compliance issues in its now-discontinued foreign exchange operations. The fine has been partially suspended, reducing the payable amount to about R160.6 million. Sasfin is currently seeking legal advice and may consider challenging the fine.

Additionally, Sasfin is contending with a separate R4.87 billion civil claim from the South African Revenue Service (SARS). This claim relates to allegations that some Sasfin Bank staff were involved in laundering money for an international gold smuggling syndicate. Sasfin has rejected this claim, noting that it acted swiftly by terminating the involved parties and initiating criminal proceedings.

Amid these challenges, Sasfin has announced plans to delist from the Johannesburg Stock Exchange (JSE) and has sold significant parts of its business to African Bank.