The South African Reserve Bank imposed a ZAR 75,000 administrative penalty on NEC Money (Pty) Limited, an Authorised Dealer in foreign exchange with limited authority, for breaches of the Financial Intelligence Centre Act. The sanction followed weaknesses in controls that compromised NEC Money’s ability to conduct ongoing due diligence and apply the risk-based methodology in its Risk Management and Compliance Programme. The firm also failed to provide staff training.
2026-08-20South African Reserve Bank
South African Reserve Bank fines NEC Money ZAR 75,000 for anti-money laundering control failures
The South African Reserve Bank fined NEC Money ZAR 75,000 for Financial Intelligence Centre Act breaches. The firm had weaknesses in ongoing due diligence and risk-based controls and failed to train staff.