Sanlam Life and Fedgroup Life fined for weaknesses in money laundering prevention measures

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The South African Reserve Bank’s Prudential Authority (PA) fined Sanlam Life and Fedgroup Life after discovering weaknesses in life insurers’ money laundering controls. Image: File

The South African Reserve Bank’s Prudential Authority (PA) fined Sanlam Life and Fedgroup Life after discovering weaknesses in life insurers’ money laundering controls.

He imposed a total fine of R 1 million and a fine of R 500,000 suspended for three years on Sanlam Life for several reasons.

The Palestinian Authority said on Friday that Sanlam Life failed to comply with “enhanced due diligence requirements for domestic influencers,” liquidity threshold reporting requirements and suspicious transaction reporting requirements in the FIC law, read in conjunction with money laundering and terrorist financing. Control regulations.

“Sanlam Life accepted the administrative sanctions issued by the Palestinian Authority, made the payment of the financial sanction and agreed to focus on improving its compliance with the fight against money laundering and the financing of terrorism. . “

Fedgroup Life was fined R 140,000 for failing to meet anti-money laundering and anti-terrorist financing compliance training and governance requirements, including ” failure to provide documentary evidence relating to adequate oversight and oversight of customer due diligence requirements. “

Fedgroup Life appealed the amount of the original fine, which amounted to R750,000, and it was subsequently reduced. She did not dispute her non-compliance.

“Fedgroup Life is cooperating with SA Reserve Bank and has agreed to take the necessary steps to address identified compliance deficiencies and control weaknesses,” the central bank said.

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