By Thapelo Molefe
Discovery Bank Limited has been fined R 3 million for multiple breaches of the Financial Intelligence Centre Act (FIC Act), the Prudential Authority (PA) announced in a statement. The sanction follows a compliance inspection conducted in 2021.
The PA said the administrative sanctions relate to the bank’s failure to comply with several provisions of the FIC Act, including section 43, which requires institutions to properly train employees on anti-money laundering and counter-terrorist financing obligations.
According to the regulator, a significant number of Discovery Bank employees had not received the required training within the prescribed period.
“DBL failed to comply with section 43 of the FIC Act as it failed to provide training as prescribed by its Risk Management and Compliance Programme,” the PA said.
This included “84 out of 155 of its new employees [who] had not received training within 30 days of being appointed” and 47 out of 109 of its employees [who] had not received annual
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