# The South African Reserve Bank’s Prudential Authority has fined Absa Bank ten-million-rand for failing to comply with sections of the Financial Intelligence Centre Act. An inspection in 2022 found that Absa did not properly check some high-risk clients, including politically exposed individuals. The bank also failed to deal with thousands of alerts about unusual transactions on time. Absa was given two warnings and a reprimand. The authority says the bank has since taken steps to correct the problems.
Absa slapped with R10-million fine over compliance failures