The Price of Non-Compliance
On 4 October 2024, the South African Reserve Bank sanctioned Bidvest Bank and HSBC for serious lapses in compliance with the Financial Intelligence Centre Act (FIC Act). These penalties highlight the critical importance of robust compliance systems to avoid financial and reputational risks. As HSBC exits South Africa and Bidvest faces significant penalties, the consequences of non-compliance are clearer than ever.
How NGA is Transforming Compliance Using Advanced Data Aggregation
Discover how NGA’s Global Identification Insights Platform (GIIP) revolutionizes compliance and due diligence with advanced data aggregation, providing time savings, complete oversight, and robust analytics.