The Prudential Authority of the South African Reserve Bank has imposed administrative sanctions on Citibank N.A. South Africa Branch following a 2022 inspection that identified non-compliance with provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). The sanctions comprise a caution not to repeat the conduct and a ZAR 6 million financial penalty that is fully and conditionally suspended for 12 months from 5 March 2025. The action relates to a breach of section 42 of the FIC Act, with Citibank found to have failed to implement its Risk Management and Compliance Programme in relation to assessed advance payment transactions. The inspection was conducted under section 45B of the FIC Act, and the Prudential Authority noted that Citibank cooperated and has taken remedial action to address the identified compliance deficiencies and control weaknesses.
South African Reserve Bank 2025-06-20
South African Reserve Bank's Prudential Authority issues caution and conditionally suspended ZAR 6 million penalty to Citibank N.A. South Africa Branch for FIC Act breaches
The Prudential Authority of the South African Reserve Bank sanctioned Citibank N.A. South Africa Branch for non-compliance with the Financial Intelligence Centre Act 38 of 2001, following a 2022 inspection. Citibank received a caution and a ZAR 6 million penalty, conditionally suspended for 12 months, for failing to implement its Risk Management and Compliance Programme. The bank has cooperated and taken remedial actions to address the compliance issues.