SARB fines HSBC and Bidvest Bank for non-compliance

By Edward West | Published Oct 7, 2024

“The administrative sanctions imposed on HSBC are due to its failure to comply with certain provisions of the FIC Act and consist of three cautions and a financial penalty totalling R9. 5 million, of which R4 million is conditionally suspended for a period of 36 months as from 10 June 2024,” the SARB said in a statement.