Top Four Banks Fined R125M Over Anti-Money Laundering Controls

JOHANNESBURG (Reuters) – South Africa's Reserve Bank said on Wednesday it had had fined the country's top four banks a total 125 million rand ($11.8 million) over lax anti-money laundering controls.

The central bank said in a statement it had fined the South African unit of BarclaysAfrica Group 10 million rand, FirstRand 30 million rand, Nedbank 25 million rand and market leader Standard Bank 60 million rand.

"The administrative sanctions are not an indication that the banks in question have in any way facilitated transactions involving money laundering and the financing of terrorism," the central bank said.($1 = 10.5563 South African Rand)